NEINVER enters into France through a joint venture with MAB Development (FR)

NEINVER, the second largest operator in Europe with eleven outlets centers and more than 1,000 stores and "Developer of the year in Europe 2010" enters the French market to strengthen its European leadership strategy in the outlet sector. The company, present in six countries has strengthened its business position in Europe in the last four years focusing its activity on areas of development, asset management and fund management. The Company has scheduled an intense activity in all areas over the next three years, both in development, with more than 500,000 m², and in investment and acquisitions with more than €550 million.

As part of the strategy towards leadership, NEINVER has signed a joint venture with MAB Development, a subsidiary of the Rabo Real Estate Group.

Through this joint venture the two companies plan to develop 135,000 m² of gross leasable area (GLA) and invest around €350 million, during a five years extendable period, in projects both in France, and in the future, in Germany. Under this agreement, MAB Development will take the lead in implementation tasks and project development, while the main role of NEINVER, with considerable experience in the outlet sector, will be the design, marketing and subsequent management of the centres.

Manuel Lagares, NEINVER CEO, statements: "This agreement represents a significant milestone in our business strategy with the aim of becoming market leader in the outlet market in Europe. MAB Development´s Knowledge of the German and French markets coupled with the experience and knowledge of NEINVER in the outlet sector results in an important alliance."

Two new projects are under way in France
"Honfleur The Style Outlets" with 19,000 m² of GLA, 100 units and 1,000 parking spaces, is located on the west coast of Normandy. Its innovative design is thanks to the Parisian architect Eduard François, one of the leading architects specializing in environmental and urban design. Its opening is planned for late 2011. This project has been awarded Project of the Year in the category Europe, by the European Outlet Centre Observatory in the 2010 edition of the MAGDUS Awards.

The second project in this country is "Roppenheim The Style Outlets", with 27,200 m² of GLA, 107 units and 1,700 parking spaces, located in the Alsace region, north-eastern France near the border with Germany, about 46 km from Strasbourg. It boasts excellent access and is located in an attractive area for high and medium brands, in both the national and international market. Its opening is planned for late 2011.

Source: Estudio de Comunicación

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