Amsterdam, the Netherlands: VIA Outlets, the owner-operator of 13 premium sustainable fashion outlet centres across Europe, has successfully placed CHF 170m (approximately €178m) of senior unsecured fixed-rate green bonds due 2031, marking its debut in the Swiss franc bond market. The five-year bonds carry a fixed annual coupon of 2.03% and attracted strong demand from institutional investors, with the proceeds earmarked for general corporate purposes including potential acquisitions, expansions and redevelopment projects across the platform's portfolio.
The issuance follows a year of decisive growth for VIA Outlets. In January 2026 the company completed the acquisitions of Scalo Milano Outlet & More in Italy and The Outlet Stores Alicante in Spain, and in April it opened the expanded Landquart Fashion Outlet in Switzerland, boosting its gross lettable area by over 20% to approximately 27,000m². The first half of 2026 reflected the momentum of these moves, with brand sales increasing 19.7% year-on-year, footfall rising 28.8% and like-for-like gross rental income growing 7.3%. The platform held approximately €285m in cash at the end of the period, supported by access to a €100m unsecured revolving credit facility and with no debt maturities before August 2028.
"Our debut in the Swiss franc bond market is an important step in diversifying our funding sources. The strong investor demand reflects confidence in our performance track record and the success of our 3R strategy: remodelling, remerchandising and remarketing, delivered whilst maintaining a stable balance sheet. The capital raised gives us additional liquidity and flexibility to keep investing in the business," said Peter Stals, CFO at VIA Outlets.
"For VIA Outlets, 2026 has been a year of robust growth. We entered Italy with the acquisition of Scalo Milano Outlet & More, strengthened our position in Spain with the investment in The Outlet Stores Alicante, and opened the expansion of Landquart Fashion Outlet in April. With Landquart as one of our flagship centres, tapping the Swiss capital market is a natural next step. This issuance supports both our organic and inorganic growth strategies, and our core ESG values remain at the heart of how we invest and create value," added Johan Bergenthal, COO at VIA Outlets.
For investors and developers, the strategic signal embedded in the bond structure is worth noting beyond the headline figure. By tapping the Swiss franc market specifically, VIA Outlets is broadening its investor base into a capital pool historically associated with conservative, long-duration institutional mandates. The 2.03% coupon compares favourably against euro-denominated equivalents, and the choice to list on SIX Swiss Exchange is directly linked to the platform's operational footprint in Switzerland, where Landquart is now one of its anchor assets. For developers considering the outlet centre format, VIA Outlets' financial trajectory makes a compelling case: the sector continues to demonstrate structural resilience where much of conventional retail has faltered, and the platform's 370,000m² portfolio across ten European markets is increasingly being financed with instruments that attract ESG-focused capital.
The bonds are structured under VIA Outlets' Green Finance Framework and have been assigned a BBB+ credit rating by Fitch Ratings, consistent with the company's senior unsecured rating. The framework holds a Second Party Opinion from Sustainable Fitch, which rated the use of proceeds and annual reporting as "Excellent". BNP Paribas acted as Lead Manager for the transaction. VIA Outlets is wholly owned by Dutch institutional investor APG.
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People mentioned
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Peter Stals, Chief Financial Officer, VIA Outlets
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Johan Bergenthal, Chief Operating Officer, VIA Outlets
Companies mentioned
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VIA Outlets, Amsterdam-based owner-operator of 13 premium fashion outlet centres across ten European markets; 370,000m² of GLA; founded in 2014; wholly owned by APG
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APG, Dutch institutional investor; sole owner of VIA Outlets
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BNP Paribas, Lead Manager for the CHF 170m green bond transaction
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Fitch Ratings, credit rating agency; assigned BBB+ rating to the bonds
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Sustainable Fitch, provider of the Second Party Opinion on VIA Outlets' Green Finance Framework; rated use of proceeds and reporting as "Excellent"
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SIX Swiss Exchange, Swiss stock exchange on which the bonds are listed
Image: Landquart Fashion Outlet. Credit: VIA Outlets.
