Allianz Real Estate has secured ownership of the premium retail asset “Dundrum Town Centre”, located in the Irish city of Dublin, with its joint venture partner Hammerson plc, following the acquisition of the "Project Jewel" loan portfolio. "Dundrum Town Centre" is one of Ireland's most renowned shopping and leisure centers. Allianz is acquiring 50% of the Dundrum Town Centre property which has total passing rent of €60m. Hammerson will be responsible for managing the shopping center in the future.
"We are very pleased to be able to add this prestigious asset to our portfolio", said Annette Kröger, CEO of Allianz Real Estate Germany. "We see this transaction as a valuable opportunity to invest in the Irish real estate market and diversify our portfolio at the same time. Thanks to our collaboration with Hammerson, we have a distinguished and leading real estate expert at our side with whom we have been working successfully for many years."
The Dundrum Town Centre property was opened in 2005 and is Ireland's premier retail and leisure destination. The center covers an area of around 140,000m². It has one of Ireland´s highest footfalls with around 18 million visitors per year. Four anchor tenants have department and flagship stores in the Dundrum center (House of Fraser, Marks & Spencer, Harvey Nichols und Penney’s), as well as a Tesco supermarket. Numerous other international retailers such as Hollister, Aldo, Starbucks, Jamie's Italian, H&M, Hugo Boss and Bershka also have stores in the center. In total the center boasts over 120 shops, 38 restaurants, a 12-screen cinema and 3,400 parking spaces.
The Dundrum center is situated 5km south of Dublin city center and is well connected via both public transport and major roads. It benefits from an affluent and densely populated catchment area. The shopping and leisure center has won over 30 industry awards in recent years. It has since become the leader in the Irish retail and leisure market.
