Blackstone tipped as buyer of Ireland's largest mall for €950m

Various media sources in Ireland have reported that Blackstone, the New Ork-based private equity fund manager, is set to be named as the preferred bidder by the centre owner, Green Property, within days. 

The Irish Times newspaper said that Blackstone was not the highest bidder for the property but was 'seen as carrying less execution risk than the top bid'. 

Two other finalists in the bidding process are said to have been Chartered Land, owned by Irish developer Joe O'Reilly, and backed by equity from Morgan Stanley and Canadian pension fund investor CPPIB. 

Back in January this year, PropertyEU reported that Green Property had appointed JLL and Eastdil Secured to seek around €1 bn for Blanchardstown Centre in west Dublin. The marketing process began in February. 

Blanchardstown Centre provides 112,000 m2 of space over 176 stores including 20 restaurants, two retail parks, a multiplex cinema and 6,000 surface car parking spaces. It generates €50 mln in rents a year.

The centre boasts an annual footfall in excess of 16 million. The site also has development capacity for an additional 148,500 m2 of retail, offices, leisure and 600 plus apartments, under a master development plan.

Detailed planning consent is already available for a net 25,300 m2 extension to the main centre including: a major store unit over three floors, 17 internal retail units; eight external retail/restaurant units and a food court over two storeys; and, two underground levels of car spaces totalling 749 spaces.

'Blanchardstown Town Centre is a unique asset carefully planned and developed by Green Property, from greenfield site to major town centre,' Green Property chairman Stephen Vernon said at the beginning of 2016. 'I believe now is the optimal time to transition to new ownership to take advantage of its development potential and capitalise on the recovery phase of the consumer cycle.'