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NEINVER and TIAA acquire six outlet centres in Spain, Italy and Poland


A joint venture between NEINVER - an industry-leading company specialised in property investment, development and management and TIAA - a Fortune 100, financial services organisation, has agreed to acquire six outlet centres throughout Europe, located in Spain, Italy and Poland. TH Real Estate, one of the largest real estate investment managers in the world, will continue in its capacity as Investment Advisor for the Joint Venture.

NEINVER, currently Europe’s second-largest operator of outlet centres and the market leader in Spain and Poland, will continue to act as Property Manager.

This transaction bolsters the strategic partnership that NEINVER and TIAA entered into c.two years ago, to create a leading pan-European outlet sector platform.

The Style Outlets centres in Greater Madrid (Las Rozas, San Sebastián de los Reyes and Getafe), Italy (Vicolungo, close to Milan and Castel Guelfo near Bologna) and FACTORY Poznań, in Poland, jointly represent a Gross Asset Value (GAV) of over €700m and will be acquired from IRUS European Retail Property Fund, part-owned and managed by NEINVER. With a 98% occupancy rate, these centres have welcomed more than 20 million visits over the past year and have exceeded €400m in sales.

These assets will add to the joint venture’s existing portfolio, which consists of: Roppenheim The Style Outlets in France; FACTORY Annopol Warsaw, FACTORY and Futura Park Krakow, all in Poland; Nassica Retail and Leisure Park in Madrid, Spain; and the newly opened Viladecans The Style Outlets, Barcelona opened in late October this year. Once these acquisitions are completed in Q1 2017, the Joint Venture will have a GAV of over €1.2bn.

Carlos González, Managing Director of NEINVER, commented: "We enjoy a very successful and collaborative relationship with TH Real Estate and adding these strategic assets to our partnership confirms the firm commitment to creating a market-leading outlet platform in Europe". González also highlighted that "We have been in the outlet business in Europe since 1996 and have established a very successful track record. We look forward to continue adding value to these assets by providing our specialist and dedicated asset management and operational skills across the whole portfolio."

Carl White, Director of TIAA’s European Retail Investments at TH Real Estate, added: "The Joint Venture has grown rapidly since its inception in late 2014 and now is one of the leading platforms of its type in the European market. NEINVER’s and TIAA’s capital, NEINVER’s specialist outlet management and TH Real Estate’s investment advisory capabilities creates an ideal framework for future growth and the potential to generate, strong investment performance and enhanced returns for the shareholders.
"The assets we are acquiring will complement the existing portfolio, providing us with a market leading position in Spain and Poland, and providing a strong base in the Italian market. We continue to scour the market for new opportunities to further increase and diversify the portfolio."

Outlet centres description:
Castel Guelfo The Style Outlets is located close to the city of Bologna, the centre benefits from a catchment area of 4.7 million people and attracts a considerable flow of customers due to its proximity to the Adriatic Riviera and its popular resorts with about c.9 million tourists every year. The outlet covers 24,200 sq m GLA, and enjoys a 98% occupancy, with 109 shops and 1,970 parking spaces.

Vicolungo The Style Outlets has a premium commercial mix across 147 shops in an outstanding centre just 30 minutes-away from Milan, Malpensa airport and slightly further from Turin, at the axis of the A26 / A4 motorways, with a catchment area of 11.4 million people. This outlet centre, with 34,200 sq m GLA and 98% occupancy, registers over 4 million visitors yearly.

Getafe The Style Outlets is a successful centre located in the south of Madrid that has been expanded three times and today totals 21,100 sq m GLA and includes 68 shops. With a 99% occupancy, the centre is adjacent to NASSICA Retail and Leisure Park and attracting over 12 million visits. NASSICA was recently acquired by the Joint Venture from KKR and Neinver.

Las Rozas The Style Outlets is located in the northwest part of the Greater Madrid Region, an area with high purchasing power and a potential market of 7.3 million people. It opened in 1996 as the first outlet in Spain and was refurbished in 2006 to optimise the shopping experience. The centre is easily accessible through main motorways, just a 20 minute drive from Madrid’s city centre, and is served by commuter trains and a number of bus lines.

San Sebastián de los Reyes The Style Outlets offers the largest outlet commercial mix in Spain, with over 90 shops and 100% occupancy. This centre, that receives nearly 5 million visitors yearly, has 38,300 sq m GLA and excellent road infrastructures and public transport to and from Madrid, including metro and bus lines. The outlet is adjacent to the ALEGRA shopping and leisure park.

FACTORY Poznań, Poland the administrative centre of one of the country’s richest regions, this centre is just a ten-minute drive from the city centre and boasts 14,700 sq m GLA and 93 outlet stores of top international and Polish brands. With a 100% occupancy, FACTORY Poznań today receives nearly 2.5 million visitors.

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the The TIAA General Account is an insurance company account and does not present an investment return, and is not available to investors. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or TIAA-CREF Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Teachers Personal Investors Services, Inc., member FINRA. Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201600421

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