NEINVER, a leading European real estate company in development, investment and asset management, acquired the Zweibrucken Designer Outlet from Kenmore Property Group and Revcap, for a total consideration of 110 million. Following the acquisition, it will now be held in the investment portfolio of "Irus European Retail Property Fund", one of the main pan-European retail investment funds.
NEINVER joins German market with acquisition of country's largest retail outlet.
The Zweibrucken Designer Outlet was opened in 2001 and today, with its 23,585 m² of retail space and 1,750 parking spaces, is Germany's largest designer outlet center. Following the recently completed third phase, it has become a benchmark retail outlet, offering a total of 108 top brand-name shops including Versace, Tommy Hilfiger, Polo Ralph Lauren, Gant, Levis, Nike, Puma, Lacoste, Mango, Burberry, Diesel and CK Underwear.
Strategically located on the border of France, Germany and Luxemburg, the Zweibrücken Designer Outlet has a catchment area of over 15 million people. As such it is considered a strong local tourist destination and even has its own tourist information office. Its strategic location and strong performance are compelling reasons for NEINVER to acquire the asset on behalf of the IRUS Fund.
Manuel Lagares, CEO/General Manager, comments: "This acquisition ends a year in which we have successfully added assets in Italy, Spain and Poland to the Fund, comprising a total of almost 95,000 m². Like the Castel Guelfo Outlet City in Italy, NEINVER was attracted to securing the Zweibrücken Designer Outlet owing to its strong retail performance, location and further investment opportunities on offer. Alongside the San Sebastian de los Reyes FACTORY, the Alegra Business and Leisure Park in Madrid and the Wroclaw FACTORY in Poland, it makes a welcome addition to the portfolio and fulfills NEINVER's commitment to its investors."
Rob Brook, Managing Director of Kenmore, adds: "Having strategically invested in, developed and managed two phases of this dynamic German retail scheme, we have optimized its investment and asset management potential and delivered a premier designer shopping destination to the market, thereby underlining Kenmore's core strengths and skill sets".
NEINVER, today the third leading outlet operator in Europe, has closed the deal on the acquisition of this fully operational center, for a value of 110 million. The company will be responsible of promoting the fourth phase of development, in addition to managing the entire complex - which will have a total surface area of 27,200 m² comprising up to 140 shops.
With this acquisition, NEINVER fulfills two of its objectives in aiming to become the European leader: entering into new markets and expanding its managed portfolio that currently stands at 195,000 m².
King Sturge acted on behalf of Kenmore Property Group and DTZ advised NEINVER.
Source: Cohn & Wolfe