New York-based Marathon Asset Management has expanded its real estate holdings in Ireland by acquiring a retail park in the southwestern town of Tralee for €59 mln.
New York-based Marathon Asset Management has expanded its real estate holdings in Ireland by acquiring a retail park in the southwestern town of Tralee for €59 mln.
The 32,500 m2 Manor West Retail Park generates annual rental income of around €4 mln. The investment volume reflects an initial yield of a little more than 7%.
Tralee, a town with a population of around 23,600, is best known as the venue of the annual international Rose of Tralee festival and beauty pageant. The fully occupied retail park draws some 90,000 shoppers a week.
DTZ Sherry FitzGerald advised Marathon in the transaction, while Colliers International assisted the vendor, Boyle Brothers.
Marathon specialises in distressed investing and has acquired both direct property and real estate-related loans in Ireland. In one notable transaction the investor acquired a portfolio of 600 apartments in Dublin for €116 mln.