International real estate investment manager Savills Investment Management has purchased a shopping centre in Dublin for €43 mln from a joint venture between Catalyst Capital, Starwood and Key Capital.
The 18,000 m2 centre marks Savills IM's first acquisition in the Republic of Ireland and was made on behalf of its European Retail Fund.
'The Republic of Ireland is a new territory for Savills IM, but one where we intend to do further business in the future,' commented Ian Jones, fund director for the European Retail Fund at Savills IM.
The asset has 30 tenants, including a 6,000 m2 unit let to food retailer Super Valu. This unit provides Super Valu with their highest turnover by store in the country. The shopping centre is fully let.
'This acquisition is also the first shopping centre to be acquired by our European Retail Fund and one that fits the fund strategy well, being a property with a strong performance history but also with the potential for asset management to enhance value,' Jones added.
The joint venture between Catalyst Capital, Starwood and Key Capital was advised by Savills.
Cushman and Wakefield acted for Savills IM.
