Tuesday 25 October 2016

Dundrum owners plan Irish strategy

Dundrum Shopping Centre
Dundrum Shopping Centre

UK property firm Hammerson has been showing off its recently acquired Dundrum Town Centre to investors, and detailing its strategy for the Irish market.

The group has brought investors and analysts to Dublin this week for a two-day site visit.

They also visited the Ilac Centre and the Pavilions centre in Swords, in which Hammerson also now owns stakes.

The investors are having a breakfast meeting at Davy Stockbrokers this morning and will then visit Liffey Valley and Blanchardstown shopping centres.

Liffey Valley has been put up for sale by owners Grosvenor, HSBC and Hines and is expected to fetch about €600m. The Blanchardstown centre was sold for €950m this year to Blackstone.

At the Davy event, Hammerson is hosting a panel discussion on the Irish retail environment, while investors will then be brought on a tour of other retail destinations in the capital, including Grafton Street.

Hammerson and the property arm of German insurer Allianz finalised the acquisition of Dundrum Shopping Centre during the summer.

Hammerson and Allianz acquired the so-called 'Project Jewel' loans from Nama, with all of the loans associated with developer Joe O'Reilly and his firm, Chartered Land.


A total of €2.6bn worth of loans attached to the properties were acquired for €1.85bn.

Hammerson secured sole ownership of the 50pc stakes in both the Ilac and the Pavilions that were sold, as well as development sites adjoining each of the three assets.

Hammerson has previously said that it sees huge potential for the city centre development site it acquired.

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