MAB Development and neinver announce strategic cooperation
MAB Development and Neinver have signed an intention agreement at the MAPIC 2009 exhibition in Cannes to cooperate in the development of Factory Outlet Centres (FOCs) in France and Germany. The combination of Neinver’s knowledge of management, concept design and leasing in FOCs and MAB’s expertise in development within the French and German markets will result in a powerful joint venture.
The cooperation opens the possibility of including projects into a retail fund after delivery. At least four projects have already been identified in France. The JV is estimating to develop up to 135.000 sqm of GLA. Some of the identified projects are the following:
- Honfleur (Normandy)
- Roppenheim (Alsace region)
- Bellegarde (Near Swiss border)
- Villefontaine (Rhone Alps)
The JV is planning to invest around 350 million euros in an (extendable) investment period of five years. Projects for Germany will be chosen at a later stage.
Structure of cooperation between MAB Development and Neinver
MAB Development and Neinver will both be performing development activities for the joint venture. MAB Development will take the initiative in project acquisition, obtaining the necessary permits as well as, in cooperation with Neinver, carrying the responsibility for development and project management. Neinver’s primary role will be the definition of the concept design and the leasing of the projects (layout and retail mix) in cooperation with Studio MAB. Additionally, Neinver will be responsible for all marketing related issues and asset management.
Manuel Lagares, NEINVER CEO; states: “this agreement is a key milestone for our business strategy to become the market leaders in the outlet industry in Europe. MAB knowledge of the German and French markets together with Neinver's experience and understanding of the outlet concept will merge into a very powerful aliance in the coming years".