Neinver has acquired the Zweibrücken Designer Outlet from Kenmore Property Group and Revcap, for a total consideration of €110M. Following the acquisition, it will now be held in the investment portfolio of “Irus European Retail Property Fund”, one of the main Pan-European retail investment funds.

The Zweibrucken Designer Outlet was opened in 2001 and today, with its 23,585 sqm of retail space and 1,750 parking spaces, is Germany’s largest designer outlet centre. Following the recently completed third phase, it has become a benchmark retail outlet, offering a total of 108 top brand-name shops including Versace, Tommy Hilfiger, Polo Ralph Lauren, Gant, Levis, Nike, Puma, Lacoste, Mango, Burberry, Diesel and CK Underwear.

Strategically located on the border of France, Germany and Luxemburg, the Zweibrücken Designer Outlet has a catchment area of over 15 million people. As such it is considered a strong local tourist destination and even has its own tourist information office. Its strategic location and strong performance are compelling reasons for Neinver to acquire the asset on behalf of the IRUS Fund.

King Sturge acted on behalf of Kenmore Property Group and DTZ advised Neinver.

Article from: www.property-magazine.eu, 09 February 2009