Savills IM buys its first asset in Ireland for €43 million
Savills Investment Management, the international real estate investment manager, has purchased a shopping centre in Dublin, Ireland, for EUR 43 million. It is its first acquisition in the Republic and was made on behalf of its European Retail Fund.
The shopping centre comprises 18,000 sq. m and has 30 tenants, including a 6,000 sq. m unit let to food retailer Super Valu. This unit provides Super Valu with their highest turnover by store in the country. The shopping centre is fully let and also provides a number of ongoing asset management opportunities.
The property was bought from a Joint Venture between Catalyst Capital, Starwood and Key Capital, advised by Savills. Cushman and Wakefield advised Savills IM.
Ian Jones, Fund Director for the European Retail Fund at Savills IM, said:
“The Republic of Ireland is a new territory for Savills IM, but one where we intend to do further business in the future. This acquisition is also the first shopping centre to be acquired by our European Retail Fund and one that fits the Fund strategy well, being a property with a strong performance history but also with the potential for asset management to enhance value.”
Source: Savills Investment Management