Aware Super invests in European Outlet Mall Venture

Australia's third-largest superannuation fund Aware Super acquired a 31.3% stake in the European Outlet Mall Venture (EOMV) platform. 

Serravalle Designer Outlet

This stake was purchased from Allianz accounts managed by Pimco, with Aware Super partnering alongside Dutch pension fund APG and a French institutional investor in this pan-European real estate joint venture.
The EOMV platform, valued at approximately €2.6 bn, owns and operates four prominent outlet malls across the Netherlands, Austria, and Italy. These centres collectively comprise 163,523 m2 of retail space and attract 24.6 million annual visitors. Key properties include Italy's Serravalle Designer Outlet, Castel Romano Designer Outlet, and phases of Designer Outlet Roermond in the Netherlands and Designer Outlet Parndorf in Austria.
This strategic investment aligns with Aware Super's geographical diversification goals and marks its selective re-entry into the retail sector. McArthurGlen, Europe's largest outlet operator, will continue to manage these assets.
Mathieu Elshout, Aware Super's head of European Property, said: "The outlet retail model has proven resilient through economic cycles, with the value proposition becoming increasingly attractive during periods of consumer uncertainty. European outlet malls in particular represent a defensive retail segment with compelling fundamentals and a track record of strong operational performance and resilience through market cycles."
Clifford Chance advised Aware Super on the transaction.