German fund to buy Whitewater mall
Published 24/02/2016 | 02:30
A German fund manager has agreed terms to buy the biggest shopping centre outside Dublin for €180m.
Deka Immobilien will buy the Whitewater Shopping Centre in Newbridge, Co Kildare.
The centre is 50pc owned by Sean Mulryan's Ballymore and the estate of the late developer Liam Maye.
The final price is a fifth more than the €150m price tag that had been mooted by property agents Savills and London firm Cody Supple, which ran the sale process.
Deka saw off at least five other bidders for the property, and was the highest bidder in the initial bidding process.
The deal puts Deka in charge of arguably the two leading regional shopping centres in the country. It paid close to €250m for the Mahon Point shopping centre in Cork a decade ago.
This is the latest in a string of shopping centres to change hands in recent years. US investment firm Varde paid €170m for the Acorn Portfolio of four shopping centres in 2013, while another US player - Davidson Kempner - paid a similar amount for five retail parks last year.
UK property giant Hammerson is in talks with Joe O'Reilly's Chartered Land about taking control of the Dundrum Town Centre after buying loans tied to the centre and two other Dublin shopping centres three months ago.
Whitewater is producing rent of about €11.7m per year at present, CoStar reported.