Nama challenges Dunnes over €40m Tallaght shopping centre development
The National Asset Management Agency (Nama) has filed High Court proceedings against Dunnes Stores in relation to a dispute over a €40m extension to The Square shopping centre in west Dublin.
The extension would add 200,000 sq ft of new retail space and a six-storey car park to the centre.
Nama is known to be eager to develop the centre, which is one of its most significant retail assets. However Dunnes has argued that the development will hurt the performance of its store in the original shopping centre.
The proceedings have been filed by National Asset Property Management, the Nama subsidiary that takes direct ownership of properties rather than merely loans. The Square Management Ltd and Indego, the majority owner of the centre, have also been named as plaintiffs in the court filing.
Indego says that the development would create 300 construction jobs during development and 400 retail jobs when completed.
The proceedings mark the first time that Nama has directly challenged Dunnes, headed up by Margaret Heffernan, in court.
An Bord Pleanála has approved the development, however Dunnes has challenged this with a judicial review. That case is up for mention later this month.
Nama had not responded to a request for comment at the time of publication. Indego declined to comment. Dunnes had not responded to a request for comment at the time of publication.