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Neinver acquires €112m German shopping outlet

The Madrid-based firm has bought the retail property on behalf of its IRUS European Retail Property fund, intending to add further space at the asset.

Neinver has acquired Germany's largest retail outlet centre for its €480 million IRUS European Retail Property fund.

The Madrid-based investment firm paid €112.5 million for the Zweibrucken Factory Outlet Centre. Neinver bought the centre from the UK's Kenmore Property Group and Revcap.

Kenmore and Revcap sold the park on behalf of its European fund, Trading Places, having acquired the completed first phase from Lehman Brothers in December 2005 and subsequently developed the second and third phases. Neinver intends to add a fourth phase, according to a statement.

Manuel Lagares, Neinver chief executive, said in 2008 the firm had acquired assets in Italy, Spain and Poland.

This acquisition brings NEINVER’s total portfolio of European retail outlets to around 195,000 square metres.