The private Spanish company has switched from developing offices and industrial scheme to factory outlets. It is now building a number of projects outside Spain
Private Spanish property developer Neinver has specialised in developing office centres and industrial schemes for 30 years, but it has dedicated the past five to developing factory outlets. In 1997 Neinver built its first Spanish factory outlet, Factory Las Rozas, in Madrid and is intent on recreating this success in other European countries.
The site at Las Rozas was originally acquired with the intention of developing a warehouse but the location was deemed viable for commercial use. As a result, Factory Las Rozas became Neinver’s first factory outlet and, since then, factory outlet development has become one of its main lines of business. The Las Rozas scheme has 27 shops and its retailers include Etam, Mango, Camper and Samsonite.
Neinver has developed another factory outlet in Seville. Factory Seville, which is close to Seville’s airport, has 14,000m2 of retail space.
Neinver was founded by chairman Jose Maria Losantos, the cousin of the chairman of fellow Spanish property developer Riofisa, Mario Losantos. The company spent most of the 1980s and early 1990s undertaking industrial developments.
Neinver is also introducing its Nassica Park concept outside Spain. There are two Nassica Park centres in Spain and Neinver is building further schemes in Italy, Portugal and Poland. The concept combines a factory outlet centre with other shops, restaurants and leisure facilities.
Neinver’s first Italian Nassica Park centre is being developed at Vicolungo, west of Milan. It will include 75 shops and GVA Collyer Coxhead has been appointed as letting agent.
In Poland, subsidiary Neinver Polska is developing a factory outlet complex in Ursus, a suburb of Warsaw. The 15,000m2 scheme will include 50 factory outlet shops. The development involves a total investment of $15m, of which Neinver will pay $10m and other parties $5m.
The Ursus factory outlet, which will be the first of its kind in Poland, is being built in two phases. The first will be 10,000m2 and the second, which is scheduled to get under way next year, will be 5,000m2.
Neinver has also bought land on the outskirts of Warsaw, which it plans to use for a leisure centre development. The project will include a cinema, sports facilities and restaurants. The company also has plans for Neinver Polska to develop factory outlet centres in another five Polish cities.
In its domestic market, Neinver has invested €140m to develop a 72,000m2 Nassica Park centre in Getafe, Madrid, which it plans to extend next year to include a go-karting track and adventure sports facilities.
Neinver is selling the development to UK company Pillar Property for between €90m and €110m. Nassicca Park Madrid has been built onto Neinver’s existing Factory Getafe outlet and is scheduled to open in spring 2003.
The company is also developing a Nassica Park centre at Puerto de Santa Maria in Cadiz, southern Spain.
Last year, Neinver sold its Parque La Marina scheme to German open-ended fund Oppenheim. Like a number of Spanish developers, the company tends to hold onto its developments for a few years once they are completed, in order to extract the most value from them, before selling them on.
Neinver
Parque Empresarial San Fernando,
Edificio Italia, 2nd Floor,
28230 Madrid
Tel 34 91 677 20 19
Fax 34 91 677 13 72
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Selected Neinver developments |
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The Ursus scheme will be the first of its kind in Poland |
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Scheme |
Location |
Size m2 |
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Nassica Park |
Getafe, Madrid |
72,000 |
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Factory outlet |
Getafe, Madrid |
17,000 |
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Factory outlet |
Ursus, Poland |
15,000 |
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Factory outlet |
Las Rozas, Madrid |
11,000 |
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Source: Neinver |
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