A RECEIVER has been appointed to Athlone Town Centre, the Westmeath shopping centre.
In a statement the owners of Athlone Town Centre Shopping Centre said the “agreed to the consensual appointment” of Stephen Tennant and Paul McCann of Grant Thornton as joint receivers by AIB.
Some 150 apartments are included in the receivership as well as the shopping centre and its car park. The apartments have been successfully rented out.
The receiver said the shops at the centre, which is home to 60 different brands, will continue to trade as normal.
AIB is the sole creditor involved in the receivership. The shopping centre’s owners, ATC Property Holdings, have debts in excess of €200m with the bank stemming from a loan taken in 2007 to complete construction on the facility.
The shopping centre employs about 600 people. No job losses are expected and several job advertisements are currently posted on the centre’s website.
“The owners have taken the centre through the most difficult period ever in the history of retailing in Ireland” said a spokesperson from the shopping centre, who added that “numerous expressions of interest have been received from parties interested in acquiring what is considered to be a prime retail investment”.