Ownership of Dundrum Town Centre has officially changed hands
Ownership of Dundrum Town Centre has officially changed hands after retail property firm Hammerson along with Allianz Real Estate concluded a consensual borrower agreement with previous owners Chartered Land.
Hammerson and Allianz acquired loans secured against the shopping centre as part of Nama portfolio Project Jewel in October of last year.
The partners reached an agreement with Joe O'Reilly's Chartered Land to take control of one of Ireland's most popular shopping destinations.
The two real estate firms shelled out around €1.85bn late last year, which represented a discount on the face value of the loans.
Allianz has a 50pc stake in Dundrum but the remainder of Project Jewel was snapped up by Hammerson.
Hammerson chief executive David Atkins said Dundrum provides the firm with a "unique opportunity" in 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.
"This will provide us with immediate scale and market leadership from which to capitalise on the strong consumer backdrop in Dublin. Dundrum’s performance over the period since acquiring the loans has reaffirmed the potential within the portfolio, and we look forward to implementing our asset management and longer term development initiatives to drive value," he said.
Allianz Real Estate Germany CEO Annette Kroger said: "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."
Chartered Land executive chairman Joe O'Reilly said he was "pleased" the deal had bee completed.
"I am confident that Hammerson and Allianz Real Estate will continue to invest in, and develop, these assets in the coming years, building on the strong Chartered Land legacy.”