Europa Capital LLP, the general partner of Europa Fund III, together with its partner, Hans Dobke, Principal of Outlet Centres International (‘OCI’), have confirmed the sale of Designer Outlets Wolfsburg (‘DOW’) to the global real estate investment manager, Invesco Real Estate on behalf of its client Bayerische Versorgungskammer (BVK). As part of the transaction, Hans Dobke will retain a minority equity interest in the asset and OCI will continue with the day-to-day management of the centre in conjunction with Invesco Real Estate.
Unusually for an outlet centre, the asset is located in the town centre of Wolfsburg in the federal state of Lower Saxony and is one of only 12 existing outlet centres in Germany. Europa Capital acquired a majority interest in the property in October 2012, replacing original equity backer Lehman Brothers Europe RE and funded the development of a second phase, which was completed in December 2013, growing the centre from 11,580 m2 with 56 retail units centre to 17,630m2 and 85 retail units. Anchor tenants include Polo Ralph Lauren, Tommy Hilfiger, Michael Kors and Abercrombie & Fitch, whose Wolfsburg store was their first outlet store in continental Europe.
The acquisition of DOW by Invesco Real Estate signifies emerging institutional investor interest in this retail sub-sector.
Nic Fox, partner and Head of Middle Europe at Europa Capital, said “This sale to Invesco on behalf of BVK, which will complete in the next few weeks, provides further evidence that the outlet centre retail sector is becoming of greater interest to institutional real estate investors. The successful purchaser led a group of other leading institutions in the bidding process, alongside specialist funds, fund managers and established retail operators. I anticipate the new owners will see further significant growth in turnover in the long term, not least following completion of the next phase.”
This sale marks the ninth disposal from Europa Fund III.
For further information, please contact:Gordon Simpson/Elizabeth King, Finsbury PR: +44 20 7251 3801
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 90 transactions totalling some €9.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
