TH Real Estate in €700m Euro mall deal

A joint venture between Neinver and TIAA has agreed to buy six European outlet centres for €700m (£601m). The assets are located in Italy, Spain and Poland. TH Real Estate acts as investment adviser for the joint venture where Neinver will act as property manager. The transaction bolsters the strategic partnership that Neinver and TIAA entered into two years ago, to create a leading pan-European outlet sector platform. The properties are in Greater Madrid – Las Rozas, San Sebastián de los Reyes and Getafe; Vicolungo – close to Milan, and Castel Guelfo near Bologna; and Poznań, Poland. The assets are being bought by IRUS European Retail Property Fund, part-owned and managed by Neinver. Carlos González, managing director of Neinver, said: “We enjoy a very successful and collaborative relationship with THRE and adding these strategic assets to our partnership confirms the firm commitment to creating a market-leading outlet platform in Europe. “We have been in the outlet business in Europe since 1996 and have established a very successful track record. We look forward to continue adding value to these assets by providing our specialist and dedicated asset management and operational skills across the whole portfolio.” Carl White, director of TIAA’s European retail investments at THRE, added: “The joint venture has grown rapidly since its inception in late 2014 and is now one of the leading platforms of its type in the European market. Neinver’s and TIAA’s capital, Neinver’s specialist outlet management and THRE’s investment advisory capabilities create an ideal framework for future growth and the potential to generate strong investment performance and enhanced returns for the shareholders.” Separately, Hammerson has also bought four assets from the same fund as part of its VIA Outlets venture. • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette