Real IS, the real estate arm of Bavarian savings bank BayernLB, has purchased part of the Merchants Quay Shopping Centre in Cork, Ireland from Kennedy Wilson.
Financial details were not disclosed.
The tenant of the 6,900 m2 property, Marks & Spencer (Ireland), uses the ground and first floors for retail purposes. The offices and staff rooms are housed on the second floor. Marks & Spencer has rented the building since 1987, with a remaining contractual term of just under 70 years.
'Along with its excellent location in the centre of Cork, the property is distinguished through Marks & Spencer (Ireland), a tenant with a high credit rating, and a long-term lease,' commented Jochen Schenk, member of the board of management of Real IS.
'In addition, the tenant is responsible under the rental agreement for the entire maintenance of the building,' said Schenk. 'With the purchase of the shopping centre, we significantly expanded our retail share in Ireland.'
Real IS was advised by commercial property firm HWBC in Dublin and by the law firm Eversheds in Dublin.
