US firm agrees to buy Blanchardstown Shopping Centre 

Goldman Sachs offered the centre for sale last year, reportedly for €650m.

US bank Goldman Sachs originally purchased the centre in 2020 when it was valued at €750m. 

US investment firm Strategic Value Partners (SVP) has confirmed it has reached an agreement to acquire Blanchardstown Shopping Centre from US bank Goldman Sachs.

Goldman Sachs offered the centre for sale last year. The Irish Examiner understands that the deal was worth €650m.

This selling price was expected to be lower but the final figure was not disclosed. The bank initially acquired the shopping centre from Blackstone in late 2020, when it was valued at about €750m.

In a statement, SVP said it is planning to make “significant investments” in the centre “including enhancements to its food and beverage offerings”.

“SVP will work closely with Fingal County Council, existing tenants, and Falcon Asset Management to elevate the centre’s appeal and strengthen its position as a premier retail destination for visitors and tenants alike,” the company said.

The centre covers 1.2 million square feet and contains 180 shops and restaurants. 

Global Head of Real Estate at SVP Mike Ungari said their goal is to build “on the facility’s strengths, and we are committed to ensuring Blanchardstown continues to set the benchmark for retail and leisure excellence in the region”.

The acquisition is expected to complete prior to year-end, subject to regulatory approvals.