Germany's largest public pensions group, Bayerische Versorgungskammer (BVK), has purchased the Liffey Valley Shopping Centre in west Dublin for a reported €630 mln from a consortium comprising HSBC Alternative Investments Limited (HAIL), Grosvenor Britain & Ireland and Hines.
Acting on behalf of BVK, Universal-Investment completed the deal, which comprises the 71,000 m2 shopping centre and a 7-hectare adjacent parcel of development land.
Hines will continue to act as asset and development manager for the centre following the closing of the sale.
'Hines, along with the new owners, is looking forward to continuing this work. Liffey Valley is a landmark asset which in recent years has offered considerable upside potential, thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities,' commented Brian Moran, senior managing director with Hines Ireland. 'Hines is delighted to be involved in continuing growing Liffey Valley's role as a leading employer and contributor to the local community and wider region for the long-term.'
Liffey Valley currently comprises over 100 shops, restaurants and multiplex cinema and 3,500 parking spaces, after a significant extension was recently completed.
In August 2016, planning permission was granted for an additional 22,000 m2 net retail space together with a mix of other uses. Plans include a transformation of the centre's civic spaces with the addition of a new European-style urban plaza.
HWBC acted as advisers to the purchasers and as the transaction managers and co-ordinators for all parties on the BVK and Universal Investment side. This is the latest of a number of acquisitions across Europe by Universal-Investment for BVK.
'Retail properties and offices are the most favoured real estate sectors in German institutional investors’ portfolios and provide good diversification and deliver steady returns,' said Alexander Tannenbaum, managing director of Universal-Investment.
