Neinver forms €350m JV

The Madrid-based firm which specialises in developing factory outlet centres in Europe has established a joint venture with MAB Development.

Neinver, the Spanish factory outlet developer, has struck up a joint venture agreement with Dutch-based MAB Development to develop assets in Europe.

The firm, which manages the Irus European Retail Property Fund, said the joint venture could develop up to 135,000 square metres of retail space and invest around €350 million over five years.

There are currently two projects under development; Honfleur The Style Outlet in Normandy, France, and Roppenheim The Style Outlets in the Alsace region on the French, German border.

The Honfleur project is a first for Neinver as it has not developed in the country before. According to its website, it has projects in Spain, Poland, Germany, Portugal and Italy.

Last year, Madrid-based Neinver acquired the second phase of the Castel Guelfo factory outlet centre near Bologna in Italy.

In that case, the firm said it would be insert it into the €480 million Irus fund, which closed in 2007.

However, the firm did not specify whether the assets created by its newly announced the JV would be inserted into the fund.