The Republic of Ireland’s ‘bad bank’ NAMA is putting its first retail park portfolio up for sale at a guide price of €110 mln.
The Republic of Ireland’s ‘bad bank’ NAMA is putting its first retail park portfolio up for sale at a guide price of €110 mln.
CBRE and DTZ Sherry FitzGerald have been appointed as joint agents to handle the sale.
The portfolio consists of five retail parks spread across Ireland. Around 60% of the value is derived from a significant part of Carrickmines Retail Park known as Phase 1, The Park. The four other assets are M1 Drogheda, Lakepoint in Mullingar, Poppyfield in Clonmel and Four Lakes in Carlow.
CBRE and DTZ expect ‘good’ interest in the portfolio, given the scale and the geographic diversity of the individual assets together with the significant development and asset management opportunities.
‘The sale will be of interest to a wide range of private equity firms and given the yield compression experienced in the office market it is also expected that the REITs and the funds will have an interest in the emerging retail investment market and the ability to benefit from asset management opportunities,’ the firms said.