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Amsterdam The Style Outlets. Credit: Neinver

Neinver secures tenants for close to 80% of GLA in Amsterdam The Style Outlets

At MAPIC, NEINVER presents progress in the two schemes currently being developed in Amsterdam and the French alps and renovations underway in its portfolio.

Neinver, a leading investor has announced at the MAPIC international retail property trade show that Amsterdam The Style Outlets, the company’s current development project in the Netherlands, is already near 80% leased. Moreover, with the opening scheduled for autumn 2020, construction of the Dutch scheme – owned by Neptune, the JV between Neinver and Nuveen – is underway with already half of the structural works to be completed/being during November.

The company has also shared the latest on its new outlet development in France, Alpes The Style Outlets, strategically located between Geneva and Lyon. With groundworks on this luxury retail destination to commence soon, the centre is expected to open in Q2 2021.

“We are very satisfied with the progress made in our projects in the Netherlands and in France, both from a development and a commercial perspective. We are creating two landmark retail destinations that will combine a prime location, smart architecture and a curated mix of premium sought-after brands,” said Carlos González, Neinver’s Managing Director.

“Both projects come at a time of growth for the business, which opened its first outlet centre in Spain in 1996 and now operates 24 retail assets in six European countries.” The company’s investment plans include a c.€350 million investment in new projects and refurbishments over the next three years, together with its partners. “As well as expanding and refurbishing part of our portfolio, we are investing in technology and our in-centre shopping experience to meet growing demand for experiential retail,” added Carlos González.

Two high-end destinations in the Netherlands and France

Amsterdam The Style Outlets will feature 115 stores set across 19,000 m² of GLA, including 1,000 m² planned for restaurants and dining offer. This is the first outlet development in the Greater Amsterdam area, combining a strong catchment area of 12 million people with its proximity to Amsterdam’s Schiphol airport and easy access to the Dutch capital and Haarlem, with a railway station a four-minute walk away. The village design of the centre is inspired by traditional Dutch architecture, with an important role for vegetation and natural light. Developed in line with high sustainability standards, the centre has obtained BREEAM New Construction certification in the design phase.

In France, Neinver will soon start groundworks on Alpes The Style Outlets, a luxury outlet destination that will feature 20,400 m² of GLA and around 93 units (stores and restaurants). Designed in a modern “Alpine village” layout with chalet-style shops and outdoor dining, Alpes The Style Outlets has already secured tenants for 40% of the space in the preleasing phase.

Located 25 minutes away from Geneva, the centre will benefit from a catchment area of 5.3 million inhabitants featuring the second highest purchasing power in France. It will also have direct access to the A40 motorway, a vital transport link between France and Switzerland and to popular winter destinations. It will be easily accessible by high-speed trains connecting Paris to Geneva, with a TGV station just five minutes from the centre.

Refurbishment works to enhance shopping experience

Neinver’s strategy to provide unique shopping destinations also includes renovations in some of its most well-established outlet centres, to continue adapting them to high experience standards. The company and Nuveen Real Estate are investing in renovating part of their joint portfolio in Italy, France and Spain.

In Milan, Neinver is restyling Vicolungo The Style Outlets. With an investment of €9 million, the upgrading is led by the prestigious international architecture studio Chapman Taylor and includes the renovation of the main square, the canopies and the street furniture, among other items. Works started in summer 2018 and are expected to be completed in the next months.

In Madrid, the company started refurbishment works in Getafe and San Sebastian de los Reyes The Style Outlets this summer with a combined investment of over €10 million. The renovations in both centres will enhance the shopping experience and increase the commercial offer by adding new stores and enlarging some of the current units. Getafe The Style Outlets will add over 20 new units and enlarge the stores of some top brands at the centre. Moreover, new relaxation areas will be available, increase natural light and create new spaces that are more modern, comfortable and attractive for visitors. The refurbishment works will be conducted in two phases and are expected to be completed in June 2020. Meanwhile, San Sebastián de los Reyes The Style Outlets, the largest outlet centre in Spain, which receives over 5 million visits every year, will allocate more than 2,000 m² of GLA to host a dozen new brands and will also enlarge some of the current stores. Works are scheduled to be completed in January 2020.

In France, Neinver completed renovations of the exterior areas of Roppenheim The Style Outlets, a centre that has increased sales by an average of 16% per year since its opening, to continue offering a welcoming and inspiring environment. The upgrade entailed an investment of €2.5M and included greenery, a children’s playground and restaurants’ outdoor dining areas, among other features.