Liffey Valley sale put on hold after Aviva rejects bid of €300m
The owners of the Liffey Valley shopping centre in Dublin have rejected bids from prospective buyers that valued the existing phase of the complex at an estimated €300m.
The owners of Liffey Valley, Aviva Investors and Grosvenor Estates, received second-round bids for the shopping centre last week, but have confirmed that an immediate sale has been postponed and that the latest bids were rejected.
"As long-term investors, we will only sell Liffey Valley at a price that adequately reflects the first-class underlying fundamentals of the asset and will continue to work with our agents to achieve this ambition," said the companies in a statement.
Aviva Investors owns 72.8pc of Liffey Valley, while Grosvenor, which is controlled by the Duke of Westminster, owns the remainder.
Spokespersons for Aviva and Grosvenor declined to comment further on the planned sale or the bids received. However, it's understood that the pair had been hoping to attract offers in the region of €350m.
It's believed that the bidders originally included one Irish investor, as well as London-headquartered property investment group Orion Capital, and a partnership between JP Morgan and London property group Bride Hall. Aviva and Grosvenor have been trying to sell the centre since last year.
Earlier this year, plans for a €500m extension to Liffey Valley were unveiled by Barkhill, a joint venture between Cork-based O'Callaghan Properties and Grosvenor Estates.
The extension will add a large food store, two department stores and 60 retail units. Barkhill hopes the extension will be completed by 2013.