NEINVER, the leading European developer, investor, and property and fund manager, continues its growth in Europe by entering the Czech market, the eighth market in which the company has a presence. NEINVER has partnered with The Prague Outlet to forge a joint venture launching Prague The Style Outlets, the first premium outlet centre in the Czech Republic. NEINVER will be in charge of leasing, retail and property management for this unique project, currently under construction.
The joint venture is financed by PPF Bank, part of the PPF Group, one of the leading European investment and asset management groups, whose assets exceed €21 billion.
Under the business agreement, which was signed in August 2016, the asset will become the latest addition to NEINVER’s portfolio under its brand The Style Outlets—the European premium outlet platform that currently operates successfully in 5 countries: Germany, Italy, Portugal, France and Spain. The new partnership reinforces NEINVER’s long-term business strategy to strengthen and expand its presence across Europe.
“Our partnership with The Prague Outlet means an outstanding opportunity to combine its unique local market knowledge with our expertise in the outlet sector. These elements, together with the excellent, central location in a dynamic, growing and affluent city with a well-established tourist economy, makes it an excellent opportunity to expand our business into the Czech market. We are proud to see how The Prague Outlet has put trust in our experience, know-how and management model to run this new centre under NEINVER’s European brand, The Style Outlets. Indeed, this agreement not only strengthens NEINVER’s position as a key partner in the outlet sector but also reinforces our international expansion strategy and our aim of becoming the leader in the outlet market in Europe,” said Carlos González, Managing Director at NEINVER.
Martin Kubista, head of the company The Prague Outlet, said, “We are enormously excited about our upcoming joint venture with NEINVER and what this means for our centre. We have made significant improvements to the development already and we look forward to seeing the final transformation into The Style Outlets. With the expertise and support of our new partner, we know that The Style Outlets will become the ultimate retail destination in Prague and the surrounding region, attracting locals and tourists alike.”
The centre is scheduled to open in October 2017
The Prague Outlet and NEINVER are currently working on a premium interior and exterior design for the centre. The look is based on a traditional Prague high street architectural design and will provide a unique high street outlet shopping experience indoors. The conversion, remodelling and rebranding process will be fully completed by October 2017, when Prague The Style Outlets will welcome its first customers with approximately 110 units located in more than 20,000 sqm of gross leasable area (GLA), creating the leading outlet destination in the Czech Republic. The second phase, with an additional 10,000 sqm of GLA, is scheduled for two to four years later, although this does not limit further expansion, as the project site allows for additional retail areas.
The property benefits from its proximity to Václav Havel Airport, less than five minutes away, whilst Prague’s downtown can be reached in 25 minutes. The 90-minute catchment area has more than 4.5 million residents, with an average purchasing power 40 percent above the typical CEE shopper. In addition, Prague is visited each year by 6.6 million tourists and this number is growing.