TH Real Estate, on behalf of TIAA-CREF, completed the purchase of a 50% stack in Viladecans The Style Outlets, currently under development in Barcelona.
The asset was acquired from NEINVER, and forms part of the strategic joint venture announced earlier this year – between NEINVER and TIAA-CREF – to create a leading outlet network in Europe. TH Real Estate acts as investment advisor to the vehicle, while NEINVER provides specialised asset management and operational services to the assets. Both partners have aspirations to build a significant investment platform over time, the initial focus being on NEINVER’s existing portfolio and development pipeline across Europe. The partnership – a 50:50 exclusive shareholders joint venture agreement - also includes The Style Outlets, in Roppenheim, France, acquired in January 2015, and the more recent acquisitions of Factory Annopol in Warsaw and Factory Krakow and Futura Park in Krakow, Poland.
Phase 1 of Viladecans The Style Outlets, scheduled to complete in 2016, will provide 100 retail stores over a total Gross Leasable Area of 19,800 sq m (215,280 sq ft). The outlet mall is strategically-located close to El Prat International Airport, just 15 minutes’ drive from the center of Barcelona, with a local catchment area of 6.4 million inhabitants.
The acquisition strengthens TH Real Estate’s Iberian management portfolio. Outside of the JV agreement with NEINVER, TH Real Estate manages a c.€1bn portfolio of nine shopping centres across the region, on behalf of other third-party clients.