Saturday 21 April 2018

Blackstone on verge of €920m centre deal

Blanchardstown Centre
Blanchardstown Centre
Peter Flanagan

Peter Flanagan

Blackstone has reportedly won the race for the Blanchardstown Centre in a deal worth nearly €1bn.

The US investment giant is understood to have beaten off the Canada Pension Plan Investment Board for the centre - which was put up for sale in February.

The firm has been named "preferred bidder" which puts it in the box seat to buy the centre from Green Property.

It will now negotiate exclusively with Green. Blackstone is believed to have offered €920m for the centre.

Blackstone - the world's biggest property investor - has bought extensively in Ireland since the crash but has been selling down most of its interests.

It has flipped a number of office blocks in central Dublin and has also in the process of selling the former Burlington Hotel in the city. It also controls the Elysian Tower in Cork city.

Blanchardstown Centre was being sold by Stephen Vernon's Green Property.

Green Property is the biggest retail centre in the country, with more than 1.2 million sqft of shopping space.

The centre has an annual footfall of more than 16 million people and a rent roll of approximately €50m per year.

The existing development and lands covers 85 acres with up to 6,000 surface car-parking spaces.

There is the capacity for development in the region of 1.6 million sqft comprising 93,000 sqm of retail, offices, leisure and 600 plus apartments, under a master development plan that governs the site.

News of Blackstone being named preferred bidder was first reported by the industry journal 'Estates Gazette'.

Blackstone's deal for Blanchardstown means that by the end of the year, three of the biggest shopping centres in the country, Dundrum Town Centre and Liffey Valley Centre, will be controlled by overseas funds.

Irish Independent

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