Outlet centre developer Neinver multiplies openings, renovations in Holland, France, Italy, Spain
today Nov 21, 2019
Spanish commercial developer Neinver, specialised in constructing and operating retail and logistics centres, took part in MAPIC, the international commercial real estate trade show held in Cannes. For the occasion, Neinver revealed that 80% of the gross leasable area (GLA) of its Amsterdam The Style Outlets centre has already been allocated. Construction work for the centre, owned by Neptune, a joint-venture company between Neinver and Nuveen, is well under way, and its opening is scheduled for autumn 2020. In a press release, Neinver stated that half of the centre’s structural building work is forecast to be completed by the end of this month.
Construction work for the Alpes The Style Outlets centre is set to begin soon. The centre is located between Geneva, Switzerland and Lyon, France, and its opening is planned for the second half of 2021.
“Both projects are part of our company’s current expansion effort. [Neinver] opened its first outlet centre in Spain in 1996 and now operates 24 retail properties in six European countries,” said Carlos González, general manager of Neinver, in a press release. Neinver is planning to invest approximately €350 million in new openings and renovations in the next three years, and González added that the group is busy developing centres that respond to the growing demand for experiential shopping.
Amsterdam The Style Outlets will be home to 115 stores over a GLA of 19,000 m², which also includes 1,000 m² earmarked for catering options. It is the first outlet centre built in the vicinity of Amsterdam, a catchment area home to 12 million people, and it is located close to Amsterdam Schiphol airport, with the rail station only a 4-minute walk away. The centre’s building style is inspired by traditional Dutch architecture, with a significant emphasis on green spaces and natural lighting.
Alpes The Style Outlets is a luxury centre with a GLA of 20,400 m2 and room for about 93 commercial units between stores and restaurants. Its blueprint is that of a modern-day Alpine village, with chalet-style architecture. The centre has leased out 40% of its GLA ahead of construction. Alpes The Style Outlets has a catchment area home to 5.3 million people, as it can also be reached by the high-speed trains linking Paris and Geneva, which stop five minutes away from the centre.
In Italy, Neinver is working on a restyling of the Vicolungo The Style Outlets centre, investing €9 million in renovating the outdoor furniture, the canopies and lighting fixtures, as well as installing LED wall lights and digital maps, all under the supervision of the Chapman Taylor studio. Renovation work on the centre’s main plaza is also about to be completed.
Together with Nuveen Real Estate, Neinver also upgraded the external areas of the Roppenheim The Style Outlets centre, whose sales have been growing at a rate of 16% per year since it opened, as the group stated in the press release. The upgrade required a €2.5 million investment, and it includes green areas, a children’s playground and al fresco dining facilities for the centre's restaurants.
Through the partnership with Nuveen, Neinver has also started renovation work in Madrid on the Getafe and San Sebastian de los Reyes The Style Outlets centres, for a total investment of over €10 million. The upgrades involve adding new retail units, extending some of the existing stores and introducing new leisure areas, and are set to be completed by June 2020. In the meantime, San Sebastián de los Reyes The Style Outlets, Spain’s largest outlet centre with over 5 million visitors per year, will allocate a GLA of at least 2,000 m² to a dozen new brands, as well as enlarge some of its current units. This renovation work is forecast to end in January 2020.
Neinver was founded in 1969 and is a leader in outlet centre management in Spain and Poland, and the second-largest group of its kind in Europe. It owns two brands, The Style Outlets and Factory, and it manages 18 outlet centres (including current developments) with over 800 brands in six countries: France, Germany, Italy, Poland, Spain and the Netherlands. In 2018, Neinver generated a revenue of €971 million, up 3% over the previous year. Its revenue in H1 this year was €487 million, equivalent to an 8% increase. Footfall in Neinver-operated outlet centres grew 3% in the same period, the centres attracting approximately 21 million visitors.
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