BARCELONA, Spain—TH Real Estate, on behalf of TIAA-CREF, has completed the purchase of a 50% interest in Viladecans The Style Outlets, currently under development in Barcelona.

The asset has been acquired from NEINVER, and forms part of the strategic joint venture announced earlier this year (between NEINVER and TIAA-CREF) to create a leading outlet platform in Europe.  TH Real Estate acts as investment advisor to the vehicle, while NEINVER provides specialized asset management and operational services to the assets.

The partners plan to build a significant investment platform over time, the initial focus being on NEINVER's existing portfolio and development pipeline across Europe. The partnership also includes The Style Outlets, in Roppenheim, France, acquired in January 2015, and the more recent  acquisitions of Factory Annopol in Warsaw and Factory Krakow and Futura Park in Krakow, Poland.

Phase 1 of Viladecans The Style Outlets, scheduled to complete in 2016, will include 100 retail units over a total gross leasable area of 19,800 sq m (215,280 sq ft). The outlet mall is strategically-located close to El Prat International Airport, just 15 minutes' drive from downtown Barcelona, with a local catchment area of 6.4 million residents.

“European Outlet Malls, as an asset class, has regularly outperformed other retail sub sectors and continues to form a key component of our growth strategy in Europe,” said David Turner, head of TIAA European Investment. “Our partnership with NEINVER continues to provide access to a strong portfolio of outlet malls, diversified across key European markets.”

The acquisition enhances TH Real Estate's Iberian management portfolio. Outside of the JV agreement with NEINVER, TH Real Estate manages nine shopping centers across the region, on behalf of other third-party clients.