Australian pension fund Aware Super said on Tuesday that it had bought a 31.3% stake in the European Outlet Mall Venture (EOMV) platform, which owns and operates four outlet centres worth 2.6 billion euros ($3.03 billion).
The A$210 billion ($140.83 billion) fund will buy the stake in EOMV from Allianz accounts managed by Pacific Investment Management Co (PIMCO), Aware Super said in a statement, without disclosing financial details of the deal.
Aware Super will be partnering with Dutch pension giant APG and an unnamed French institutional investor for the platform.
The platform’s portfolio comprises 163,523 square metres of retail space across the Netherlands, Austria and Italy, including the Serravalle Designer Outlet. Europe’s largest outlet operator McArthurGlen will continue to manage the assets.
The stake purchase comes as Aware Super strengthens its presence in Europe and re-enters the retail space.
“The outlet retail model has proven resilient through economic cycles, with the value proposition becoming increasingly attractive during periods of consumer uncertainty”, said Mathieu Elshout, Aware Super’s head of European Property.
“European outlet malls in particular represent a defensive retail segment with compelling fundamentals and track record of strong operational performance and resilience through market cycles.”
Aware Super has previously partnered with the UK’s National Wealth Fund and Equitix for battery storage platform Eelpower Energy.
Reuters
