Dublin shopping centre on offer for €233m
One of Dublin’s largest shopping centres, The Square Towncentre Tallaght, has been put up for sale for €233m (£215m) – a 5.75% yield.
The 577,500 sq ft shopping centre, which opened in 1990 and sits on 27-acre site, comprises 160 shops, a 13-screen cinema and more than 2,400 car parking spaces.
JLL and Cushman & Wakefield have been instructed to market the opportunity, which is for the controlling interest.
One of Dublin’s largest shopping centres, The Square Towncentre Tallaght, has been put up for sale for €233m (£215m) – a 5.75% yield.
The 577,500 sq ft shopping centre, which opened in 1990 and sits on 27-acre site, comprises 160 shops, a 13-screen cinema and more than 2,400 car parking spaces.
JLL and Cushman & Wakefield have been instructed to market the opportunity, which is for the controlling interest.
A number of the 160 shops in the shopping centre were originally sold to owner-occupiers, individuals, and to groups of separate investors.
Over the past six years the ownership of the centre has changed significantly and the current vendor is consolidating its ownership to a position whereby the new owners will hold 118 shops and the cinema, six ATM cash machines and the controlling stake in the management company.
The vendor’s interest generates a net operational income of around €13.9m with a weighted current average unexpired lease term of just under seven years. More than 70% of this income is secured over five years.
There asset offers management and development opportunities. In 2014 planning permission was granted for two extensions at the centre’s northern and southern end.
The southern extension provides for a single-level unit located off level three with a GLA of 59,470 sq ft. The extensions will see the existing car parking provision increase to more than 2,800 spaces with the addition of a new six-storey car park.
Kevin Donohue, head of investments at Cushman & Wakefield, and John Moran, chief executive officer at JLL, said: “The Square Tallaght provides investors with an opportunity to control one of Dublin’s largest regional shopping centres and participate in the Irish retail market at a time when retail sales are rising and the Irish economy leads the way in the EU.
“The asset offers investors long-term secure income with immediate ability to drive this forward via existing development and asset management opportunities.”
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