Global alternative investment firm Strategic Value Partners has agreed to acquire Blanchardstown Centre, a prime retail and leisure destination in Ireland, in a deal valued at just under €600 mln.
Blanchardstown Centre is a major retail complex in north-west Dublin, covering 1.2 millionft2 and housing over 180 shops and restaurants. With an annual footfall of approximately 17 million visitors and 5,500 parking spaces, it is one of Ireland's leading shopping destinations.
SVP plans to make significant investments in Blanchardstown Centre, including enhancements to its food and beverage offerings.
'As a centrepiece in Dublin's retail sector, we're excited by the opportunities Blanchardstown Centre presents,' said Mike Ungari, global head of Real Estate at SVP. 'Our goal is to build on the facility's strengths, and we are committed to ensuring Blanchardstown continues to set the benchmark for retail and leisure excellence in the region.'
In 2021, SVP funds led the restructuring and subsequent acquisition of Washington Prime Group, a US REIT with a portfolio of approximately 90 retail properties. In 2023, SVP became the largest investor in Intu SGS, a portfolio of four large UK shopping centres, and played a leading role in its restructuring earlier this year.
Led by Anders Hemmingsen, SVP's London-based team is actively seeking to invest in European real estate, and believes it is well positioned to leverage the firm's differentiated sourcing, investing and operating expertise in the sector this cycle.
The acquisition is expected to complete prior to year-end, subject to regulatory approvals.
