Ireland's National Asset Management Agency (NAMA) has mandated JLL and Dublin-based property adviser Bannon to sell a portfolio of Irish shopping centres.
Ireland's National Asset Management Agency (NAMA) has mandated JLL and Dublin-based property adviser Bannon to sell a portfolio of Irish shopping centres.
The guide price is in excess of €130 mln, which offers an initial yield of about 9.7%.
This is the first shopping centre portfolio NAMA is bringing to the market. The 'Acorn Portfolio' includes Blackpool Shopping Centre and Blackpool Retail Park in Cork; Millfield Shopping Centre in Balbriggan, Dublin and The Showgrounds Shopping Centre in Clonmel, County Tipperary.
The combined offering produces a rent roll of over €13 mln, over 70% of which is let to institutional tenants with a lease term certain of almost 11 years. There are 120 tenants and just over 67,000 m2 of space, including almost 9,300 m2 of high grade office space at Blackpool.
John Moran, international director at JLL: ´At a time when Ireland’s economy and real estate market is experiencing a tangible turnaround, these diverse assets represent the first opportunity to obtain a significant stake and exposure to the Irish retail market.´