Neinver on Sale for More Than €500 Million

26 December 2018

One of the branches of the Losantos family, one of the most powerful real estate groups in Spain, has placed its majority shareholding in Neinver up for sale. Neinver is one of Europe’s largest real estate development and investment management companies, where it manages 19 outlet centres, with a total of 319,300 m2 of GLA, under the brands The Style Outlets and Factory, with a presence in France, Germany, Italy, Poland, Spain and Portugal.

The Spanish newspaper Cinco Dias reported the development, stating that the Losantos family is asking for more than 500 million euros for the business and has hired Credit Suisse to help find a buyer.

According to the Spanish daily, “the company has joint ownership of the assets with TH Real Estate, the real estate arm of TIAA, the US teachers’ pension fund.”

This month, Neinver sold 55 logistics assets and industrial facilities in Spain, totalling 162,000 square meters, to the US company Blackstone for 300 million euros, in what was described as the largest transaction in 2018 in that sub-sector of the real estate market.

Neinver in Portugal

Neinver Portugal was created in 2002 to develop the Nassica retail park, in Vila do Conde, on the outskirts of Porto. The Factory Vila do Conde quickly became a reference outlet in the north of Portugal and was awarded by the ICSC as the Best Outlet Centre in Europe in 2006. The success of the real estate project, as well as its subsequent expansion and conversion into the Vila do Conde The Style Outlets in 2009, contributed to strengthening the brand in the country. With “the opening of Bricor in 2011, Neinver diversified the range of stores in the NASSICA park, making it one of the most attractive retail complexes on the market.”

Original Story: Diário Imobiliário

Translation: Richard Turner