Saturday 24 February 2018

Dundrum centre officially changes hands in Allianz and Hammerson deal

Deal a ‘game-changing step’ says Hammerson boss
Deal a ‘game-changing step’ says Hammerson boss
Michael Cogley

Michael Cogley

Ownership of Dundrum Town Centre has officially changed hands after retail property firm Hammerson along with Allianz Real Estate concluded a consensual borrower agreement with previous owners Chartered Land.

Hammerson and Allianz acquired loans secured against the shopping centre as part of Nama portfolio Project Jewel in October of last year.

The partners reached an agreement with Joe O'Reilly's Chartered Land to take control of one of Ireland's most popular shopping destinations.

The two real estate firms shelled out around €1.85bn late last year for Project Jewel, which also included stakes in the Ilac Centre in Dublin's city centre and the Pavilions shopping centre in Swords, north Dublin.

Pending a pre-emption process both companies will take over direction of the Ilac and Pavilions.

Hammerson chief executive David Atkins said Dundrum provides the firm with a "unique opportunity" in the Irish market.

"Acquiring Dundrum, one of Europe's leading shopping destinations, is a game-changing step for Hammerson and increases the diversification of our prime European retail property portfolio.

"This will provide us with immediate scale and market leadership from which to capitalise on the strong consumer backdrop in Dublin," he said.

The Hammerson chief said that Dundrum's performance since the company acquired it has "reaffirmed" the potential within the portfolio.

Chartered Land executive chairman Joe O'Reilly was pleased by the deal and expects more investment in the centre.

Irish Independent

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