VIA Outlets, the fastest-growing owner-operator of premium fashion outlets in Continental Europe by gross lettable area (GLA) over the past decade, has had its Long-Term Issuer Default Rating (IDR) and senior unsecured rating of BBB+ reaffirmed by Fitch Ratings, with a stable outlook. The affirmation underscores the robust performance of VIA Outlets’ portfolio of pan-European premium outlets, which have demonstrated resilience in a growing market. The ratings reflect the company’s strong fundamentals, including active management, strategic locations in dominant catchment areas, strong brand partnerships, and excellent transport accessibility. Fitch forecasts rental growth for VIA Outlets in 2025, fueled by the recently expanded Sevilla Fashion Outlet in Spain, which recorded a 21% increase in footfall and an 18% rise in brand sales in the first half of 2024. Additional drivers include new brand partnerships, increasing visitor numbers, and built-in rent indexation and ratchet mechanisms. The company is advancing major projects, including: • Vila do Conde Porto Fashion Outlet in Portugal: A 4,977 sqm expansion (18% of GLA) scheduled for late 2025. • Landquart Fashion Outlet in Switzerland: A 4,862 sqm expansion (22% of GLA) expected to complete in Q1 2026. • Freeport Lisboa Fashion Outlet in Portugal: A major remodelling of Canal Street to enhance its appeal. Fitch highlighted VIA Outlets’ actively managed portfolio, where turnover-based rent accounts for 20%-25% of gross rental income. This approach fosters strong tenant-landlord relationships and accelerates property valuation gains compared to traditional retail assets reliant on long-term leases. The company’s financial stability is bolstered by fixed-rate debt at low average rates, with no refinancing requirements until 2028. VIA Outlets also maintains a low loan-to-value (LTV) ratio, providing financial flexibility for targeted acquisitions of underperforming but strategically located assets. Peter Stals, CFO of VIA Outlets, expressed satisfaction with the ratings affirmation: “Fitch’s recognition underscores the resilience of the outlet channel and the exceptional quality of VIA Outlets’ portfolio. Consistent year-on-year operational and financial growth is a testament to our organic growth strategy, which focuses on remarketing, remerchandising, and remodelling.”