1 December 2016
- Adrian Levy, David F Saleh, Greg Olsen, Gerold M. Jaeger, Jo En Low, Riaz Pirmohamed, Ryan Wong, Edward Page, Chandralekha Ghosh, Kristof Meynaerts, Anne Filzmoser, Francesca Casini, Bartosz Kaniasty, Katia Gauzès, Judit Stern
Clifford Chance advises on Pan-European outlet sales for EUR 1.2 billion
A cross border team from Clifford Chance has advised IRUS European Retail Property Fund, one of the largest pan-European private-capital property investment funds specialising in outlet centres, sponsored and managed by NEINVER Group, on two concurrent pan-European sales of ten outlet centres at a combined value of EUR 1.28 billion
IRUS European Retail Property Fund which owns a total of 11 outlet properties, operating under The Style Outlets and FACTORY brands, and a retail park across five European countries, with a value in excess of EUR 1.3 billion, has agreed to the sale of its outlets in Spain, Italy, Portugal, Poland and Germany in two separate and unconnected transactions. The buyers are VIA Outlets (the venture partnership formed by APG, Hammerson plc, Meyer Bergman and Value Retail) and the joint venture established by NEINVER Group and TIAA (TH Real Estate acting on behalf of TIAA). The agreed sales jointly represent a total gross asset value of approximately EUR 1.280 billion.
Clifford Chance has advised on the life cycle of IRUS European Retail Property Fund since its formation in 2007 including providing specialised corporate, antitrust, real estate financing, funds and tax advice.
Adrian Levy, Clifford Chance lead partner and Global Co-Head of Real Estate Sector, comments:
"We are delighted to have represented the management company of the IRUS European Retail Property Fund and to have worked with them for many years on fund structuring, acquisition of assets and now the current transactions, being the significant sale of their European property portfolio. IRUS has been a significant developer and investor in European retail outlets and our market leading pan European team is pleased to have been able to support their business throughout its life."