8th Jul 2016 06:22
LONDON (Alliance News) - Retail portfolio owner Hammerson PLC on Friday said it has secured ownership of Dundrum Town Centre with its joint venture partner Allianz Real Estate.
Dundrum is a shopping and leisure destination in Dublin, comprising 120 shops, 38 restaurants, a 12-screen cinema and 3,400 car park spaces. It will be Hammerson's largest asset by lettable area.
In addition, Hammerson has acquired "significant development land" located adjacent to the Dublin Central development site and the Pavilions shopping centre in the Swords area of Dublin.
The wider portfolio also includes co-ownership with Allianz for the Pavilions shopping centre and the Ilac Centre, which is one of Dublin city centre's largest malls. On completion, Hammerson's total consideration for its share of the portfolio will be EUR1.23 billion.
The acquisition will be funded by the EUR1.85 billion in loans that Hammerson and Allianz acquired against a portfolio of retail assets in September from the National Asset Management Agency.
"Having successfully reached an agreement with the borrowers, this portfolio provides us with a unique opportunity to enter the Irish market. Acquiring Dundrum, one of Europe's leading shopping destinations, is a game-changing step for Hammerson and increases the diversification of our prime European retail property portfolio," Chief Executive David Atkins said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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