Stephen's Green SC stake to fetch over €30m
Published 08/07/2015 | 02:30
INVESTMENT funds are expected to bid more than €30m for a share in Stephen's Green Shopping Centre in Dublin when it is put on the market this week.
A fund believed to be tied to Irish Life is thought to be selling the 34pc stake in the centre, which has been one of the most popular retail locations in the country since it opened in 1988.
The sale is being managed by JLL's John Moran.
The centre, which has over 100 retail outlets, is known for its distinctive wrought iron frame.
The sale of the share in the Stephens Green Shopping Centre will be the latest major property deal involving shopping centres in Ireland.
Numerous overseas investment firms are expected to at least run the rule over the holding.
Last year funds tied to the international bank HSBC and investment firm Hines took effective control of the Liffey Valley Shopping Centre, when they paid more than €250m for a 73pc stake in the centre.
Another US firm, Varde, paid €170m for three shopping centres outside Dublin which were sold by Nama as part of the "Acorn portfolio" a year ago.
The Stephen's Green Shopping Centre was developed by British Land.
Irish Life & Permanent as it was then took a 73pc stake in the centre in 2001 as part of a swap with British Land that involved the UK developer taking a 40pc share in the Ilac Centre on Henry Street in Dublin.