TH Real Estate, on behalf of TIAA-CREF, has completed the purchase of a 50% interest in Factory Annopol in Warsaw, and Factory Krakow and Futura Park in Krakow, Poland.
The assets have been acquired from NEINVER, and form part of a strategic joint venture – between NEINVER and TIAA-CREF – to create a leading outlet platform in Europe, as announced earlier this year. TH Real Estate acts as investment advisor to the vehicle, while NEINVER provides specialised asset management and operational services to the assets.
FACTORY Annopol was originally developed by NEINVER and opened in 2013. It is located in one of the most densely populated, fastest growing areas of Warsaw, with an immediate catchment of 2.2 million people. With a prime position just 15 minutes’ drive from the city centre, the asset measures 19,800 m² with 102 units.
Meanwhile, the properties in Krakow comprise a 22,000 m² Outlet Centre named FACTORY Krakow, and an adjoining 19,000 m² Retail Park, known as Futura Park. Originally developed by NEINVER, the centre was opened in 2011 and is the only Outlet Centre in Krakow, within a catchment area of 2.8 million people.