Hammerson acquires Dundrum shopping centre
12 Jul 2016
Hammerson in a joint venture with Allianz Real Estate has acquired the Dundrum Town Centre shopping and leisure destination in Dublin, Ireland.
Hammerson and Allianz acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for 1.85 billion euros.
The acquisition delivers significant market share and ownership of the largest retail property asset in Ireland, with Hammerson stating Ireland is Europe’s fastest growing economy, and that Dundrum has been producing strong retail sales growth, 6 percent increase in the 12 months to March 2016.
The two companies acquired the Dublin Central development site as well as the land adjoining the Pavilions shopping centre, Swords, and will take over direction of the Ilac Centre, Dublin and the Pavilions shopping centre, Swords, pending a pre-emption process with the co-owners and regulatory approvals.
Hammerson chief executive David Atkins, said: “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.”
Annette Kröger, chief executive of Allianz Real Estate Germany, added: “We see this transaction as a valuable opportunity to invest in the Irish real estate market and diversify our portfolio into a high-growth European economy as part of our global investment strategy. Thanks to our collaboration with Hammerson, we have a distinguished and leading real estate expert at our side with whom we have been working successfully over many years.”