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NEINVER enters the Czech market – Partnered with The Prague Outlet

Neinver is continuing its growth in Europe by entering the Czech market, the eighth country in which the company has a presence. The company has partnered with The Prague Outlet to forge a joint venture launching Prague The Style Outlets, the first premium outlet center in the Czech Republic.

Neinver will be in charge of leasing and retail and property management for this unique project, currently under construction. The joint venture is financed by PPF Bank, part of the PPF Group, one of the leading European investment and asset management groups, whose assets exceed €21 billion.

The Prague Outlet and Neinver are currently working on a premium interior and exterior design for the center. The look is based on a traditional Prague high street architectural design and will provide a high street outlet shopping experience indoors. The conversion, remodeling, and rebranding process will be fully completed by October 2017, when Prague

The Style Outlets will welcome its first customers with approximately 110 units located on more than 20,000 sq m of GLA. The second phase, with an additional 10,000 sq m of GLA, is scheduled for two to four years later, although this does not limit further expansion, as the project site allows for additional retail areas.

The property benefits from its proximity to Václav Havel Airport, less than five minutes away, while Prague’s downtown can be reached in 25 minutes. The 90-minute catchment area has more than 4.5 million residents, with an average purchasing power 40% above the typical CEE shopper. In addition, Prague is visited each year by 6.6 million tourists and this number is growing.