The “Death of Retail” narrative doesn’t apply to premium outlets.
Aware Super, the A$210 billion ($141B) Australian pension giant, has acquired a 31.3% stake in the European Outlet Mall Venture (EOMV) platform from accounts managed by PIMCO.
🏰 THE PORTFOLIO:
- Valuation: The platform holds assets worth €2.6 billion ($3.03 billion).
- Footprint: 163,523 sqm across Italy, Austria, and the Netherlands.
- Trophy Asset: Includes the Serravalle Designer Outlet (Milan), one of Europe’s top-performing luxury destinations.
- Management: Operations will remain with McArthurGlen, Europe’s largest outlet operator.
🤝 THE POWER PARTNERSHIP: Aware Super isn’t going it alone. They are stepping into a club deal alongside Dutch pension heavyweight APG and a French institutional investor. This highlights a growing trend of global “Super Funds” pooling capital to control prime real estate assets directly.
🛡️ THE INVESTMENT THESIS: Why retail now? Mathieu Elshout, Aware Super’s Head of European Property, frames it as a defensive play against economic uncertainty:
“The outlet retail model has proven resilient through economic cycles… the value proposition becoming increasingly attractive during periods of consumer uncertainty.”
💡 ANALYST TAKEAWAY: This is a classic “Counter-Cyclical” play. While general retail faces headwinds, Premium Outlets often outperform during economic slowdowns as aspirational consumers hunt for value. By partnering with APG and McArthurGlen, Aware Super is securing exposure to a high-yield asset class that benefits from both the “Experience Economy” and the “Discount Seeking” consumer.
👇 Real Estate Investors: Is the “Premium Outlet” sector the only investable brick-and-mortar retail left in Europe?