€80m+ of Irish shopping centres come onto the market

The two assets are owned by London-based private equity firm Kildare Partners, which originally bought the Derry and Belfast retail assets for around £135 mln in late 2014.

It is understood that the assets are now being marketed for a value in the mid £70’s mln (€80 mln).

Forestside Shopping Centre, located in South Belfast, is regarded as Belfast's premier out-of-town shopping centre. The centre extends to 336,532 ft2 and comprises 35 ground floor retail units, mall kiosks, and free on-site parking for approximately 1,335 vehicles. Notable tenants include Marks & Spencer, Dunnes Stores, Sainsburys, Next, H&M, Boots, and Waterstones.

The shopping centre is 100% let and has consistently attracted high footfall, with more than 5.1 million visitors in 2022. The total site measures approximately 14.24 acres, with full planning permission for the development of three restaurants in the car park adjacent to Upper Galwally entrance.  

Foyleside Shopping Centre, located in Derry/Londonderry, the regional capital of the North West of Northern Ireland provides the dominant retail offer for the City and extends to 364,637 ft2 and comprises 53 retail units across four levels, along with on-site parking for approximately 1,520 vehicles. Occupiers of note include Frasers, Dunnes Stores, Marks & Spencer, Boots, Next, and H&M.

The centre sits on approximately 6.99 acres and has maintained high occupancy levels, with over 98% of the scheme let, and footfall exceeding 7.5 million in 2022.  

‘These sales represent a rare opportunity for investors to acquire 100% prime and dominant retail schemes that consistently outperform from an occupational and consumer perspective. We have no doubt they’ll be well received in the market,’ commented Ben Turtle, head of Savills Northern Ireland.