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Neinver winds up IRUS ERPF

Alex Hayes 27 June 2018

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

EUROPE Neinver has closed its IRUS ERPF (European Retail Property Fund) with a 9 pct return, making it one of the highest-return funds of its type.

IRUS ERPF was established by Neinver in 2007 and was one of the largest pan-European private-capital funds specialised in outlet centres. As well as being the fund’s sponsor and one of its anchor investors, Neinver was responsible for its management, the purchase and sale of assets, financing and investor relations, and also developed 85% of the assets in which IRUS ERPF invested.

Since the end of its investment period in 2011, the assets’ gross value rose by 30 pct, from EUR 1.006 bln to EUR1.36 bln. Neinver was also responsible for the management of the outlet centres, which have seen an average annual rise of 7 pct in sales and 5 pct in footfall over the last five years.

According to Vanessa Gelado, Neinver’s fund, strategy and investments director, “The founding and successful management of IRUS ERPF has further strengthened Neinver’s positioning as a trusted investment partner and manager. Thanks to our experience and knowledge of the outlet sector, we have successfully met the fund’s initial targets, when on average, closed-ended value-add funds launched between 2006 to 2008 had negative annual returns due to the economic recession. Following a strategy based on geographic diversification, specialisation, and a focus on the shopping experience and sustainability, IRUS ERPF successfully and continually increased the value of its assets and was recognised as one of the highest-return funds of its type.”

“One key to the success of IRUS ERPF was long-term value creation through Neinver’s management of every phase of the assets’ property cycle. Besides being managers and co-investors in the fund, we developed 85 pct of the centres it invested in, and we managed all of them, achieving continual growth and high profitability. The results also highlight the value of Neinver’s specialised management model and its ability to make the most of the opportunities that the European outlet sector offers,” said Carlos González, the managing director of Neinver.

Neinver is the second-largest operator of outlet centres in Europe, with 18 centres in seven countries and a total gla of 368,100 sqm, including three new properties in the Czech Republic, the Netherlands and the French Alps, near the Swiss border.

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