Aware Super secures 31.3% stake in European Outlet Mall Venture Platform
12 January 2026
European outlet mall
The acquisition sees the $210 billion Australian pension fund partner with Dutch pension giant APG and a French institutional investor in the platform, which will help Aware Super capture opportunities in a defensive retail segment with a track record of strong, operational performance through market cycles.
The platform currently owns and operates four outlet centres worth c.€2.6bn in total, spanning the Netherlands, Austria and Italy, comprised of 163,523 square metres of retail space, serving 45.6 million people within a 90-minute drive, and generating 24.6 million annual visits.
The investment reflects Aware Super’s geographical diversification strategy and selective re-entry into retail, with the platform targeting outlet malls that demonstrate structural resilience to e-commerce disruption through a value-oriented proposition and experiential retail format.
Aware Super Deputy CIO and Head of International Damien Webb said: “This investment is the latest milestone in our Fund’s commitment to diversifying into new markets.
“By expanding our portfolio into continental Europe, we are strengthening our position as a global institutional investor and asset owner, focused on originating high-quality assets in markets with strong fundamentals.
“This partnership demonstrates our confidence in the long-term opportunities presented by the European outlet mall sector.”
Aware Super Head of European Property, Mathieu Elshout 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 track record of strong operational performance and resilience through market cycles.
"The four centres held in the EOMV platform rank among Europe’s Top 10 outlet destinations1, each serving a large and diverse customer base in its catchment.”
The platform’s four assets include certain phases at both Designer Outlet Roermond in The Netherlands and at Austria’s Designer Outlet Parndorf, Italy’s Serravalle Designer Outlet – which ranks among Europe’s top three outlets – and Castel Romano Designer Outlet.
All centres hold BREEAM Excellent or Outstanding environmental ratings.
McArthurGlen, Europe’s largest outlet operator with a proven track record of driving sales density, maintaining high occupancy, and enhancing customer experience across economic cycles, will continue to manage all four centres.
The deal also follows recent international transactions, such as the August announcement of Aware Super, Equitix, and the UK’s National Wealth Fund, investing £500 million into a new UK battery storage platform, Eelpower Energy.
In July, the Fund revealed it had acquired APG’s stake in the apartment-hotel owner and operator The July, to now own the majority of the business.
It also followed the announcement of the strategic partnership between Aware Super and Delancey Real Estate in the DARE Platform targeting UK commercial property investments had completed the acquisition of three super-prime office-buildings in central London for a combined value of approximately £500 million.
As part of the transaction, Aware Super was advised by Clifford Chance, Schoenherr, Morgan Williams, EY and EY-Parthenon.