US private equity giant Strategic Value Partners has agreed to buy the 1.2m sq ft Blanchardstown Centre in north-west Dublin for a rumoured €600m (£500m).
The shopping centre is being sold by Goldman Sachs, which paid Blackstone €750m for the property in December 2020.
SVP, which has $19bn (£15bn) of assets under management globally, said it planned to make “significant investments” in the shopping centre.
The investor said it would 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”.
“As a centrepiece in Dublin’s retail sector, we are excited by the opportunities Blanchardstown Centre presents” said Mike Ungari, global head of real estate at SVP. “Our 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 deal is not the private equity giant’s first foray into retail on this side of the Atlantic. Last year it became the largest investor in Intu SGS.
Led by Anders Hemmingsen, the firm’s London-based team said it was actively seeking to invest in European real estate as it believes it is well positioned to “leverage its differentiated sourcing, investing and operating expertise in the sector this cycle”.
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