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Aware Super Bets on European Retail With €2.6 Billion Outlet Mall Deal

By  |  January 13, 2026

Aware Super, one of Australia’s largest pension funds, is making a significant push into European retail property through the purchase of about a 31% stake in a newly restructured outlet mall platform, according to Bloomberg.

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    The A$210 billion ($140 billion) pension fund acquired the holding from Allianz accounts managed by Pacific Investment Management Co., per Bloomberg, citing a statement released Tuesday. The transaction gives Aware Super exposure to a multibillion-euro retail venture at a time when parts of the European property market are showing signs of recovery.

    The platform includes four outlet shopping centers located across the Netherlands, Austria and Italy, with a combined value of around €2.6 billion ($3 billion), according to Bloomberg. Aware Super will invest alongside Dutch pension manager APG and a French institutional investor, expanding its network of European partners.

    The deal reflects Aware Super’s broader strategy to increase its presence in European real estate after years in which retail assets were under pressure. According to Bloomberg, the sector was hit by falling rents driven by the rise of e-commerce, disruptions from the coronavirus pandemic and higher interest rates. More recently, however, limited new development and the conversion of excess retail space to alternative uses have tightened supply, improving prospects for high-quality malls.

    Investment data underscore that shift. European retail property investment rose 16% in the first nine months of 2025 from a year earlier to €24.6 billion, based on figures compiled by Savills Plc and cited by Bloomberg. That total was also 3% above the five-year average for the same period, with retail parks attracting particular interest and accounting for 42% of investment between January and September.

    Despite the renewed focus, retail has historically played a small role in Aware Super’s property allocation. Mathieu Elshout, head of European property at the fund, said it had previously been “very low on retail in the overall property portfolio,” according to Bloomberg.

    The Australian pension fund has otherwise been more bullish on European offices. Per Bloomberg, Aware Super opened a London office in 2023, expanded its local team to 25 people, and last year formed a joint venture with Delancey Real Estate targeting £1 billion ($1.35 billion) in office investments. The fund has also been active in other property segments, including the acquisition of APG’s stake in apartment-hotel operator The July in 2025.

    Source: Bloomberg