Meyer Bergman, the pan-European real estate investment manager, has completed €110 mln of purchases of high street buildings and retail units in Dublin's principal city centre shopping district in partnership with funds advised by BCP Asset Management.

meyer bergman has acquired the retail units on the ground and basement floors of the morrison chambe

Meyer Bergman has Acquired the Retail Units on the Ground and Basement Floors of the Morrison Chambe

The partners have acquired properties on two corners of the Nassau Street junction with Dawson Street, which is opposite Trinity College and parallel to Dublin's principal shopping destination, Grafton Street, in two separate transactions.

Meyer Bergman European Retail Partners III owns the majority share and has partnered with BCP Private Equity and BCP International Property Fund.

Markus Meijer, CEO of Meyer Bergman, said: 'Retailers are struggling to find stores in downtown Dublin with enough space for their new formats, so we aim to reposition these properties through extensions, redevelopment and refurbishment. This well-located retail destination will benefit hugely from the increased footfall from the new Luas Cross City tramline, which opens next year. We are actively looking for more opportunities like these to invest in this area.'

The first transaction is the completion of the purchase announced in December 2015 of a block of three high street properties from Aviva Investors. The 1970s buildings provide 9,418 m2 of retail and office space and 125 parking spaces.

The second transaction relates to the ground floor and basement retail units of Morrison Chambers, a Dublin landmark, from Ardstone Capital. The acquisition covers 1,065 m2 that is currently occupied by tenants including Costa Coffee, whole food specialist KC Peaches and tweed outfitters Kevin & Howlin. The upper floors of Morrison Chambers were not included in the purchase.

The Dublin acquisitions are the fifth to seed the latest fund managed by Meyer Bergman, MBERP III. Its other assets include a portfolio of high street shops and department stores in central Oslo, a portfolio of retail properties across France, and a development site in London’s Kensington neighbourhood.

Meyer Bergman is a privately held real estate investment management firm. It advises three closed-ended, value-add real estate funds with a total of €4 bn of assets on behalf of global institutional investors. The firm is headquartered in London.

BCP Asset Management is a Dublin based fund manager with more than €2 bn in assets under management.