Regional shopping centres go on the market for €115m
A portfolio of six shopping centres is to be brought to the market next week through agents JLL on the instructions of Receivers Paul McCann and Stephen Tennant of Grant Thornton with an asking price of €115m.
The "Cornerstone Portfolio" includes Athlone Town Centre, majority interest in MacDonagh Junction Shopping Centre in Kilkenny, Gorey Shopping Centre in Wexford, Tipp Town Centre in Tipperary, Westside Shopping Centre in Galway and Orwell Shopping Centre in Templeogue in Dublin.
Also included are 150 residential units in Athlone.
The entire portfolio produces a rent roll of over €8.8m after deducting all non-recoverable and void costs.
There are 168retail and commercial units as well as the residential units, spread across over 670,000 sq.ft of space with almost 3,200 car parking spaces.
"This portfolio will appeal to Irish and International investors seeking to capitalise on Ireland's recovery story, supported by strong initial yields and the potential for new lettings and rental growth," said JLL
The agents claim all centres are "strongly anchored, with MacDonagh Junction, Gorey, Tipperary Town and Westside each anchored by a Dunnes Stores who own their units but contribute to service charges.
"Orwell Shopping Centre is anchored by a very successful Supervalu, which has continued to expand over the past number of years. Athlone has Marks & Spencer and TK Maxx will further enhance the draw for this scheme when it opens later this year".
The Cornerstone Portfolio is the latest in a string of retail portfolios that have been put on the market in the lat ear. If past sales are anything to go by then a number of overseas investors are likely to bid on the portfolio.
Last year the Minnesota-based private equity firm Varde paid €170m for the Acorn Portfolio of regional shopping centres - more than than €40m above the guide price.