Real I.S.has acquired the centrally located “Merchants Quay Shopping Centre” in Cork in the south west of Ireland. The seller of the approximately 6,900 m² retail property in Saint Patrick's Street is Kennedy Wilson.
“Along with its excellent location in the centre of Cork, the property is distinguished through Marks & Spencer (Ireland), a tenant with a high credit rating, and a long-term lease,” says Jochen Schenk, member of the Board of Management of Real I.S. AG. “Under the rental agreement, the tenant is responsible for the entire maintenance of the building,” explains Schenk and adds: “With the purchase of the shopping centre, we significantly expanded our retail share in Ireland.”
The tenant of the single tenant property, Marks & Spencer (Ireland), uses the ground and first floors for retail purposes. The offices and staff rooms are housed on the second floor. Marks & Spencer has rented the building since 1987, with a remaining contractual term of just under 70 years.
Real I.S. was advised by the commercial property firm HWBC in Dublin and by the law firm Eversheds in Dublin.
