Neinver, the Spanish company specialised in investment, development and management of property assets has wound up the IRUS ERPF (European Retail Property Fund) with a 9% return, making it one of the highest-return funds of its type, according to the outlets centre specialist.
Over its active period, the outlets centre-focused fund returned all the capital with a multiple of 1.9 times the amount invested.
'Following a strategy based on geographic diversification, specialisation, and a focus on the shopping experience and sustainability, IRUS ERPF successfully and continually increased the value of its assets and was recognised as one of the highest-return funds of its type,' said Vanessa Gelado, Neinver’s fund, strategy and investments director.
Besides being the fund’s sponsor and one of its anchor investors, Neinver has overseen its management, the purchase and sale of assets, financing and investor relations, and developed 85% of the assets in which IRUS ERPF invested.
Specialised management model
Neinver said that since the end of its investment period in 2011, the assets’ gross value has risen 30%, from €1.006 bn to €1.360 bn. Its Neinver-managed centres achieved an average annual increase of 7% in sales and 5% in footfall over the last five years.
'One key to the success of IRUS ERPF was long-term value creation through Neinver’s management of every phase of the assets’ property cycle. Besides being managers and co-investors in the fund, we developed 85% of the centres it invested in, and we managed all of them, achieving continual growth and high profitability,' said Carlos González, managing director of Neinver.
The results also highlight the value of Neinver’s specialised management model and its ability to make the most of the opportunities that the European outlet sector offers,' he added.
Neinver is the second-largest operator of outlet centres in Europe, with 18 centres in seven countries and a total GLA of 368,100 m2, including three new properties in the Czech Republic, the Netherlands and the French Alps, near the Swiss border.