Saturday 24 March 2018

REVEALED: The most expensive Irish property ever sold

Green Property sold the Blanchardstown Shopping Centre.
Green Property sold the Blanchardstown Shopping Centre.
Michael Cogley

Michael Cogley

From manors to shopping centres plenty of Irish properties have fetched major fees, however new research from BNP Paribas Real Estate has revealed the most expensive Irish property ever sold.

The sale of the Blanchardstown Shopping Centre to US investment giant Blackstone for €945m was the most expensive single property deal ever, the research claims.

Last year the Dundrum Town Centre was sold to Hammerson and Allianz, however the exact value is unclear as it was sold as part of the massive Nama Project Jewel loans portfolio.

The loan portfolio, which included stakes in the Ilac Centre and Swords Pavilions, was sold for €1.85bn in September last year.

The Irish commercial property market performed strongly in the second quarter of the year with €2.1bn transacted, the strongest single quarter in the Irish market ever.

The backbone of the activity was down to office investments, which amounted for €717m changing hands between April and June.

BNP Real Estate head of research Joan Henry said the quarter was a landmark for the Irish commercial property sector.

"Our research revealed that the sale of Blanchardstown Shopping Centre represented the largest single asset ever traded in the market, and with over €2.1bn of assets transacted in the period, we are seeing the largest quarterly turnover ever. If turnover reaches the forecasted €3.5bn for 2016, the 10 year average will have increased significantly to €1.7bn, compared to €1bn in 2013.”

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