Tuesday 23 January 2018

Liffey Valley shopping centre up for sale in deal worth €598m

The Liffey Valley Shopping Centre
The Liffey Valley Shopping Centre

Sean Duffy

Real estate group Hines is planning to sell The Liffey Valley shopping centre in a deal worth €598m ($660m).

Grosvenor Group and HSBC Alternative Investments are also part-owners of the west-Dublin based mall and have engaged Eastdil Secured to broker a sale.

Grosvenor was one of the original developers of the site which was opened in 1998 and is owned by The Duke of Westminster’s family trust, according to a report from Bloomberg.

HSBC and Hines Group bought a 73pc stake in the shopping centre back in 2014 from Aviva Investors for a reported €250m.

Bloomberg also report that three sources have confirmed the plans to sell the premises as international investors look to pour into Irish retail on account of the country’s robust economic growth.

Liffey Valley will become the fourth shopping centre in the capital to be sold in recent times should the sale process be completed. Blackstone bought the Blanchardstown Centre earlier this year for €950m while Hammerson and Allianz bought the Dundrum Town Centre and the Pavillion Malls last year as part of it €1.8bn purchase of the Project Jewel Nama portfolio.

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