Blackrock centre sold to Friend's First
A LARGE shopping centre in affluent south Dublin has been taken over by life assurance company Friend's First.
Friend's First, which already owned 33pc of the Blackrock Shopping Centre though an investment fund, has taken control of the remainder of the premises in a deal thought to be worth around €50m.
It agreed terms to buy the remainder of the business from Musgrave Operating Partners Ireland in an off market transaction.
The large centre, on the Frascati Road, houses 40 businesses including AIB, Next, Bewleys and the flagship SuperValu supermarket. It also contains 400 car parking spaces.
Head of Friend's First investment division, Eugene Gibney, has revealed that further investment was planned for the shopping centre and was happy with the deal.
"We are delighted and we plan to further invest in the centre to drive footfall at this prime location," Mr Gibney said.
"The Irish commercial property market has become increasingly competitive in recent months, with a large pool of local and international investors chasing a limited supply of prime retail assets, so this opportunity delivers real value for our investors."
The Blackrock Shopping Centre, including offices adjacent to the main centre, produces rental income of more than €5m a year.
The represents an annual return of 9.3pc.