NEINVER, leading European real estate company in development, investment and asset management has recently acquired the Castel Guelfo Outlet City, a new addition to its “Irus European Retail Property Fund” portfolio, one of the main Pan-European funds specialized in outlets.

Castel Guelfo Outlet City is an outlet centre located in Castel Guelfo (Italy), 25 km from Bologna. Developed by ING Development, it currently has 13,000 m² showcasing more than 50 top brand shops. It is developing a second phase to expand the complex to 25,000 m² and double the number of establishments.

NEINVER has closed the deal for the acquisition for the first phase of the complex that is currently operating, for a total of €53 million. Meanwhile, a deal has been closed for a purchase option for the second phase, once the second phase commercialization and inauguration process has been completed.

This operation fulfils NEINVER’s commitment to its investors to search for opportunities to acquire assets already operating and also to incorporate new assets into the NEINVER portfolio.

By the end of 2008 the fund will have a portfolio of 172,000 m² of GLA in retail projects and foresees reaching a total investment of €1,400 million in the next three years.

Source: NEINVER

http://www.europe-re.com, 26 June 2008.