A joint venture set up by developer Neinver and financial services organization TIAA is to acquire a portfolio of six outlet centers across Europe from the IRUS European Retail Property Fund, which is co-owned and managed by Neinver, for a total of more than €700 million. Three “The Style Outlets”-branded outlet centers in Spain, two “The Style Outlets”-branded outlet centers in Italy and one “Factory”-branded outlet center in Poland are the subjects of the transaction, which is expected to be finalized in the first quarter of next year.
The transaction will further strengthen the Neinver-TIAA cooperation, initiated two years ago, whose aim is to create the leading outlet center platform in Europe. Once the acquisition of the six outlet centers has been completed, the total value of the portfolio jointly held by Neinver and TIAA will increase to €1.2 billion. The Polish asset in the portfolio that is being sold by the IRUS European Retail Property Fund – Factory Poznań – offers 14,200 sqm of leasable space and is currently fully leased out.