Wednesday 29 March 2017

Hammerson and Allianz near completion of Dundrum Town Centre acquisition

The Dundrum Town Centre which is attracting overseas buyers
The Dundrum Town Centre which is attracting overseas buyers

Indepdent.ie business desk

German insurer Allianz and British property firm Hammerson are nearing the completion of a deal that will see both parties take equity control of the Dundrum Town Centre, it has been reported.

According to a report in The Irish Times, employees at the shopping centre received an email that said their employment would be moving across to Hammerson Group Management next Monday.

The Town Centre was bought as part of a Nama loan portfolio known as Project Jewel, which was sold for €1.85bn.

The portfolio included loans secured against Dundrum Town Centre, as well as 50pc stakes in the Ilac Centre and Pavilions Centre in Dublin.

Commenting on the transaction back in September, NAMA chief executive, Brendan McDonagh said: “We are very pleased with the successful outcome of this competitive loan sale which represents NAMA’s biggest single transaction to date. The competitive tension throughout the loan sales process is continuing evidence of the strong investor appetite for property-related loans in Ireland.

"We are delighted that institutions of the calibre of Hammerson and Allianz have shown huge confidence in Ireland by this strategic investment in a unique, high quality portfolio.”

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