US investment firm Strategic Value Partners (SVP) is likely to become the new owner of Blanchardstown Centre, Dublin's premier shopping mall, making it its first investment in Ireland.
Market sources indicate the agreed selling price is below the €650 mln Goldman Sachs initially sought for the asset last year, which would make it one of Ireland's biggest commercial property transactions this year. Goldman Sachs and SVP have so far not commented.
The deal is expected to be finalized in the coming months, concluding the competitive bidding process managed by CBRE and Eastdil Secured.
Goldman Sachs acquired the Blanchardstown Centre from US investment firm Blackstone in a €750 mln deal four years ago. Blackstone had previously purchased the property from Stephen Vernon's Green Property for approximately €950 mln in 2016.
Shopping malls, once hit by e-commerce and the pandemic, are now attracting investors due to lower rents.
Last year, AIB sold a €175 mln loan linked to the Blanchardstown Centre at a 17% discount to London-based Hayfin Capital Management.
When Blackstone purchased the centre, it invested around €250 mln in equity, while the remaining purchase price was funded through a mix of traditional senior debt and mezzanine financing.
The centre includes some 112,000 m2 of retail space distributed across 180 shops, anchored by major retailers such as Dunnes Stores, Penneys and Marks & Spencer. It also comprises three external retail parks, external retail units, an office block and 7,000 car-parking spaces.
