Joint agents Savills and Coady Supple have been instructed to bring Ireland's largest regional shopping centre, the Whitewater shopping centre in Newbridge, to market.
Joint agents Savills and Coady Supple have been instructed to bring Ireland's largest regional shopping centre, the Whitewater shopping centre in Newbridge, to market.
The vendors are Ballymore Properties and Elm Holdings.
Whitewater opened in 2006 and comprises around 300,000 sq ft (27,900 m2) of retail space. It comprises four anchor tenants, 63 retail units, 11 food court units, a six-screen cinema, and 1,700 car parking spaces. In addition, 84 residential units are included in the sale.
The quoting price, in excess of €150 mln, equates to a net initial yield of 7.5%.
The property generates a net operating income of €11.7 mln per annum. The Weighted Average Unexpired Lease Term (WAULT) stands at over 11 years.
'The sale of Whitewater Shopping Centre has been keenly anticipated by many domestic and international investors looking for scale and security,' commented joint agents Savills and London-based Coady Supple. 'Based on the trends we are seeing both in Ireland and across Europe we believe this opportunity will command strong interest from domestic and global institutional capital, as well as a host of private equity investors who have been active in this sphere of late.'
