Neinver & Tiaa Acquire Six New Outlet Centres

24 November 2016 – Expansión

The Spanish real estate firm Neinver and the financial services firm Tiaa have signed an agreement to acquire six outlet centres in Europe, three of which are located in Spain.

Through their joint company, the firms have acquired a block of six outlets which Neinver has been managing and whose value amounts to €700 million. The funds belonged to the fund Irus European Retail Property Fund, in which Neinver holds a 25% stake.

The overseas outlets are located in Poland (Poznan) and Italy, specifically Castel Guelfo, close to Bolonia, and Vicolungo, located in the vicinity of Milan and Turin.

In Spain, the company has acquired Neinver’s three large outlets, located in San Sebastián de los Reyes, Las Rozas and Getafe. In addition, the alliance between Neinver and Tiaa has also finalised the purchase of the Nassica shopping centre, which they have purchased from KKR for €140 million.

Once this latest operation has been signed, which is expected to happen during the first quarter of 2017, the joint venture will have a gross asset value (GAV) of more than €1,200 million, making it one of the most important investors in commercial assets in the country.

At the beginning of 2015, Neinver and TH Real Estate (a subsidiary of Tiaa) signed a strategic alliance, in which they each hold a 50% stake, to create a leading platform for outlet centres in Europe. This joint company already owns three centres in Poland and one in France, as well as the Viladecans The Style Outlet, which opened recently in Barcelona.

Original story: Expansión (by R.Ruiz)

Translation: Carmel Drake

TH Buys 50% Of An ‘Outlet’ From Neinver

3 September 2015 – El Confidencial

The Management company TH Real Estate, on behalf of TIAA-CREF fund, has completed the acquisition of 50% of the outlet center Viladecans The Style Outlets, promoted by the Spanish company Neinver in Barcelona.

The operation is part of the deal between Neinver and TIAA-CREF, closed earlier this year, aiming to create a platform for leading outlet centers in Europe. This partnership included the purchase of two other centers from Neinver, in Warsaw and Krakow, and 50% of the Roppenheim establishment in France.

The Viladecans shopping complex, located in the metropolitan area of Barcelona, is currently under construction. In its development, both partners will invest 80 million euros to create an outlet with 100 shops spread over 19,800 square meters.

Original story: El Confidencial

Translation: Lee La