Nama sale of Dundrum Town Centre completed

The sale of the Dundrum Town Centre to UK property development company Hammerson, and Allianz Real Estate, as part of a portfolio of assets worth €1.85bn has been finalised.

Nama sale of Dundrum Town Centre completed

The joint venture of Hammerson and Allianz Real Estate were chosen as preferred bidders for Nama’s Project Jewel portfolio of assets, which included the Dundrum shopping centre.

The loans had a par value of €2.6bn, although the price Nama paid to acquire them is unknown.

Both parties are equal partners in the joint venture.

Hammerson has also acquired significant development land with a strategic site located adjacent to Pavilions, and the Dublin Central development site offering the opportunity for significant future returns.

The wider portfolio also includes co-ownership of the Pavilions shopping centre, Swords, and the Ilac Centre in Dublin city centre.

“Ireland stands out from other European territories for its powerful economic growth and dynamic consumer recovery.

“Furthermore, against the current backdrop of UK market volatility and political uncertainty, the Irish economy continues to hold a number of competitive advantages as a European hub for business activity in a wide range of sectors.

“This will provide us with immediate scale and market leadership from which to capitalise on the strong consumer backdrop in Dublin.

“Dundrum’s performance over the period since acquiring the loans has reaffirmed the potential within the portfolio, and we look forward to implementing our asset management and longer term development initiatives to drive value,” Hammerson chief executive David Atkins said.

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