US based global investment firm, Strategic Value Partners, has confirmed that funds that it manages are to acquire the Blanchardstown Centre in west Dublin.
The financial terms of the deal have not been disclosed but previous media reports have suggested it is worth in the region of €600m, less than the €650m sought when it hit the market last year.
Goldman Sachs currently owns the shopping centre itself, two adjacent retails parks and an office building, through Blanche Developments Limited and The Blanchardstown Fund.
Both of those companies are to be included in the transaction.
Last week the Competition and Consumer Protection Commission said it had been notified of the planned deal.
Goldman Sachs had acquired the centre from US private equity firm, Blackstone, in 2020 at a reported value of €750m.
Four years before that, Blackstone had bought it from Green Property for €950m.
The centre has 1.2 million square feet of space and is home to over 180 shops and restaurants, with an annual footfall of approximately 17 million visitors and 5,500 parking spaces.
SVP said it plans to make significant investments in the centre, including its food and beverage offerings.
It said it will work closely with Fingal County Council, existing tenants, and Falcon Asset Management to elevate the centre’s appeal and strengthen its position as a premier retail destination for visitors and tenants alike.
“As a centrepiece in Dublin’s retail sector, we’re excited by the opportunities Blanchardstown Centre presents” said Mike Ungari, Global Head of Real Estate at SVP.
“Our goal is to build on the facility’s strengths, and we are committed to ensuring Blanchardstown continues to set the benchmark for retail and leisure excellence in the region.”
