NEINVER and TH Real Estate, on behalf of TIAA-CREF, have formed a strategic partnership to create a leading designer outlet platform in Europe, bringing together two well established players within the niche outlet mall sector.
The joint venture will invest in a number of outlet malls focusing initially on NEINVER’s existing portfolio and development pipeline across Europe. NEINVER will continue to provide its specialist and dedicated asset management and operational skills across the portfolio.
The partnership – a 50:50 exclusive shareholders joint venture agreement - has commenced with TH Real Estate’s acquisition of a 50% stake in Roppenheim The Style Outlets, in France, and will quickly grow in early 2015 with the agreed purchases of FACTORY Outlet Annopol in Warsaw and FACTORY Outlet and Futura Park, in Krakow, Poland. The joint venture will also develop out Neinver’s flagship project Viladecans The Style Outlets, in Barcelona, Spain. Both partners have aspirations to build a significant investment platform over time.
Source: TIAA Henderson