Aware Super is accelerating its expansion into Europe’s retail property market through a strategic partnership with leading European institutional investors, including Dutch pension fund APG and a French institutional investor, according to Bloomberg.
The Australian superannuation fund has acquired a 31.3% stake in the restructured European Outlet Mall Venture (EOMV) platform from Allianz accounts managed by PIMCO. The transaction marks a significant step in Aware Super’s strategy to diversify geographically and strengthen its global retail property portfolio.
Damien Webb, Aware Super’s deputy chief investment officer and head of international, described the investment as a milestone in the fund’s international growth ambitions.
“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,” Webb said.
The EOMV platform owns and operates four major outlet shopping centres with a combined valuation of approximately €2.6 billion. The assets include Designer Outlet Roermond in the Netherlands, Outlet Parndorf in Austria, and Italy’s Serravalle Design Outlet and Castel Romano Designer Outlet. Together, the properties comprise 163,523 square metres of retail space.
Collectively, the centres serve a catchment area of around 45.6 million people within a 90-minute drive and attract approximately 24.6 million visits annually. Each asset holds a BREEAM Excellent or Outstanding environmental certification, underscoring their sustainability credentials.
Despite the continued growth of e-commerce, Aware Super expressed confidence in the resilience of outlet malls, particularly during periods of economic uncertainty. Mathiew Elshout, head of European property at Aware Super, said European outlet centres represent a defensive retail segment with strong fundamentals.
“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,” Elshout said.
Webb added that the partnership reflects the fund’s conviction in the long-term prospects of the sector.
“This partnership demonstrates our confidence in the long-term opportunities presented by the European outlet mall sector,” he said.
Europe’s largest outlet mall operator, McArthurGlen, will continue to manage all four centres, with responsibility for driving sales density, maintaining high occupancy levels and enhancing the customer experience across economic cycles.
The investment follows a series of recent international transactions by Aware Super. These include a partnership with Equitix and the UK’s National Wealth Fund to invest £500 million in a new UK battery storage platform, Eelpower Energy. In July 2025, the fund also acquired APG’s stake in apartment-hotel owner and operator The July, becoming its majority owner.
In addition, Aware Super has expanded its UK commercial property exposure through a partnership with Delancey Real Estate via the DARE platform and completed the acquisition of three super-prime office buildings in central London, with a combined value of approximately £500 million.