Strategic Value Partners has agreed on a deal to buy the Blanchardstown Centre in Dublin for c. €600m. It is SVP’s first purchase in Ireland.
It will be a few months before the sale is finalized, but the agreement is expected to conclude the process that was managed by CBRE and Eastdil Secured. The Irish Times recently reported that SVP made a bid ranging from €550m to €600m, which is likely to secure the deal. Initially, Goldman had put the centre on the market with a guide price of approximately €650m.
This deal is anticipated to benefit the retail sector, especially following the successful refinancing of loans associated with Dundrum Town Centre. Additionally, last month, Eagle Street Partners was selected as the preferred bidder for The Square in Tallaght.
Goldman Sachs acquired the Blanchardstown Centre from the US private equity firm Blackstone for €750m four years ago. In 2016, Blackstone purchased the asset from Stephen Vernon’s Green Property for about €950m. However, the Covid-19 pandemic severely impacted physical retail in 2020, and by October of that year, Goldman was in discussions to take control of the mall.
The centre includes approximately 112,000m2 of retail space distributed across 180 shops. The scheme is anchored by major retailers such as Dunnes Stores, Penneys, and Marks & Spencer. It also comprises three external retail parks, external retail units, an office block, and 7,000 free car parking spaces.
Image source - Pexels.
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