Neptune, a joint venture between Neinver and Nuveen Real Estate, will invest over €10M in its two largest centers in Spain: Getafe The Style Outlets and San Sebastián de los Reyes The Style Outlets.
Neptune’s strategy is to continue boosting growth of its current portfolio of outlet centers in Europe. The refurbishment of both centers is meant to enhance the shopping experience and increase the commercial offer by adding new stores and enlarging some of the current units.
“The investment in both centers strengthens Neptune’s strategy to continue increasing the value and performance of our current schemes, even the most successful centers. We are completing refurbishment of Roppenheim The Style Outlets in France and are immersed in a major renovation of the Vicolungo center, near Milan in Italy,” said Carlos González, Neinver’s Managing Director. “Refurbishment of our largest centres in Spain will let us continue to deliver outperforming results for both destinations.”
Getafe The Style Outlets, currently celebrating its 20th anniversary, will add over 20 new units and enlarge the stores of some top brands operating at the center. Moreover, the center will offer new relaxation areas, increase natural light and create new spaces that are more modern, comfortable and attractive for visitors. Refurbishment works will be conducted in two phases and are expected to be completed in June 2020.
San Sebastián de los Reyes The Style Outlets, which receives over 5 million visits every year, will add more than 2,000 sq m of GLA for a dozen new brands, and will also enlarge some of the current stores. Works at the center have already started and are scheduled to be completed in January 2020.
“This investment allows us to remodel our centres in keeping with our shopper’s preferences – increasing the store footprints of he most popular brands, adding more variety in the retail offering and providing a richer leisure experience for our guests too”, added Charlotte Ashworth, Fund Manager at Nuveen Real Estate.
The last major refurbishment of The Style Outlets centers in Madrid was in 2013. Since then, the centres in Getafe and San Sebastian de los Reyes have recorded a continuous increase in sales: 45% and 30% increases respectively in the last five years.