NEINVER closed 2025 with €1.72bn in brand sales across its 20 European retail assets, marking a 5% like-for-like increase on the previous year and extending a consecutive streak of annual growth that is drawing renewed attention from institutional investors and developers alike.
The portfolio, comprising 16 outlet centres and four retail and leisure parks spanning six countries, achieved 97% occupancy, with all centres recording sales growth. Standout performers included Amsterdam The Style Outlets (+18%), Factory Annopol in Poland (+10%) and Parque Alegra in Spain (+8%). By market, the Netherlands led with 18% growth, followed by Spain (+6%) and Poland (+4%), while average ticket value and conversion rate each improved 3% year-on-year across more than 70 million visitor journeys.
"The positive results demonstrate the continued success of our approach: a long-term commitment to active asset management and creating value for brands, consumers, and investment partners," said Daniel Losantos, CEO of NEINVER. "Three decades ago, we opened Las Rozas The Style Outlets, the first outlet centre in Spain and one of the first in Europe. Ever since, we have consistently evolved our value proposition to meet the needs of our brand partners and customers. For brands, this means efficiency, agility, and growth; for consumers, it is about delivering value, convenience and exceptional experiences. Looking ahead, we will continue to focus on quality, enhancing our centres and making them more attractive, experience-driven, and sustainable."
2025 was NEINVER's most active leasing year to date, with brand partnerships deepened across Nike, Adidas, Hugo Boss, Pandora, Puma, Levi's, Guess, ASICS, New Balance, Skechers, PVH Group, Bestseller Group, Groupe SEB and Maus Frères, while food and beverage was significantly expanded with newcomers including PAUL, Lindt, Costa Coffee and Kusmi Tea. The tenant mix evolution is a deliberate play to drive dwell time, footfall conversion and yield compression, metrics that are increasingly influencing cap rate discussions for out-of-town retail assets across Europe. Investors and developers should note that operational assets of this profile, combining near-full occupancy with diversified international brand rosters, are becoming increasingly rare acquisition targets as the outlet sector consolidates.
On the development front, Alpes The Style Outlets, NEINVER's second French project, is advancing with 20,400 m² of retail space and an anticipated opening at end of 2027. Positioned just 25 minutes from Geneva and directly accessible from the A40 motorway linking Paris to the Mont Blanc region, with a TGV station five minutes away, the scheme's catchment and transport fundamentals represent the kind of infrastructure-anchored retail development that commands premium interest from cross-border capital. Meanwhile, San Sebastián de los Reyes The Style Outlets in Madrid is set for a 2026 renovation and Viladecans The Style Outlets in Barcelona is in planning for an extension.
Sustainability credentials continue to underpin the investment case. The Neptune joint venture between NEINVER and TIAA, managed through Nuveen Real Estate, achieved a five-star GRESB rating for the sixth consecutive year, scoring 93 out of 100 in the 2025 assessment, placing the portfolio firmly within the tier that ESG-mandated institutional capital actively seeks for long-term hold strategies.
People mentioned
- Daniel Losantos, CEO, NEINVER
Companies mentioned
- NEINVER, leading Spanish real estate development, investment and asset management company; operator of The Style Outlets and FACTORY brands across Europe
- TIAA, parent company of Nuveen Real Estate; joint venture partner in the Neptune portfolio
- Nuveen Real Estate, real estate investment management arm of TIAA; Neptune JV partner
- Nike, global sportswear brand; tenant partner
- Adidas, global sportswear brand; tenant partner
- Hugo Boss, international fashion brand; tenant partner
- Pandora, global jewellery brand; tenant partner
- Puma, global sportswear brand; tenant partner
- Levi's, global denim and apparel brand; tenant partner
- Guess, international fashion brand; tenant partner
- ASICS, global sportswear brand; tenant partner
- New Balance, global footwear brand; tenant partner
- Skechers, global footwear brand; tenant partner
- PVH Group, global apparel company; tenant partner
- Bestseller Group, international fashion group; tenant partner
- Groupe SEB, global consumer goods group; tenant partner
- Maus Frères, Swiss retail group; tenant partner
- PAUL, French bakery and café brand; new F&B entrant
- Lindt, Swiss chocolatier; new F&B entrant
- Costa Coffee, international coffee chain; new F&B entrant
- Kusmi Tea, premium tea brand; new F&B entrant
