Madison International Realty has acquired just over 35% of St Stephen’s Green Shopping Centre in Dublin city centre for €61 mln.
Madison International Realty has acquired just over 35% of St Stephen’s Green Shopping Centre in Dublin city centre for €61 mln.
The stake was sold by Irish Life Assurance, which retains a 37.6% share in the shopping centre. The balance is held by a private investor.
Built in 1988, the St Stephen’s Green centre is located in the heart of the city’s retail district at the top of the Grafton Street retail corridor. The 23,225 m2, three-story shopping centre features a mix of local and international retail brands, including TK Maxx and Dunnes Stores. The shopping centre also includes a substantial 1,200 space car park, the largest in the city.
Commenting on the acquisition, Alex Lukesch, director of European investment at Madison, said: 'The acquisition of St Stephen’s Green is illustrative not only of our confidence in the improving Dublin retail market, but also in the potential to add value by working together with Irish Life in repositioning the centre.'
'This transaction is a good fit demonstrating our strategy of allowing global real estate investors to partially monetise the value of their ownership stakes in prime properties and portfolios,' Lukesch said.
Madison International Realty manages equity of about US $2 bn (€1.8 bn). Madison's strategy is to acquire partial ownership and joint venture interests in grade A properties in prime markets in the US., UK and Western Europe.