Investors expected to snap up share of Stephen's Green Centre
Investors from around the world are expected to bid on a share of the iconic St Stephen’s Green Shopping Centre.
A fund, believed to be tied to Irish Life, is thought to be selling the 34pc stake in the centre, which has been one of the most popular retail locations in the country since it opened in 1988.
The sale is being managed by JLL’s John Moran.
The centre, which has over 100 retail outlets, is known for its distinctive wrought iron frame.
Investment funds are expected to bid more than €30m for a share in the centre when it is put on the market this week.
The sale of the share in the Stephen’s Green Shopping Centre will be the latest major property deal involving shopping centres in Ireland.
Numerous overseas investment firms are expected to at least run the rule over the holding.
Last year, funds tied to the international bank HSBC and investment firm Hines took effective control of the Liffey Valley Shopping Centre, when they paid more than €250m for a 73pc stake in the centre.
Another US firm, Varde, paid €170m for three shopping centres outside Dublin which were sold by Nama as part of the “Acorn portfolio” a year ago.
The Stephen’s Green Shopping Centre was developed by British Land.
Irish Life and Permanent – as it was then – took a 73pc stake in the centre in 2001 as part of a swap with British Land that involved the UK developer taking a 40pc share in the Ilac Centre on Henry Street in Dublin.
The iconic shopping destination was opened in November 1988.
It cost a record 50 million Irish pounds to build at the time.
At the time, however, there were no shops in the centre. Only a handful of units were completed for the opening day.
The Stephen’s Green shopping centre was designed by architect James Toomey and was built on the site of the former Dandelion Market. The centre has more than 100 outlets including Dunnes Stores, Boots, Gamestop and TK Maxx.