SVP, which has about $19bn of assets under management, did not disclose how much it is paying, but media reports have suggested it could be about €600m.
The US investment bank Goldman Sachs put the centre up for sale last year, with an asking price of €650m. According to Bloomberg, who first reported the sale last August, the selling price was lower than that.
The largest shopping mall in the country, Blanchardstown Centre covers 1.2 million square feet and has over 180 shops and restaurants, including major retailers such as Dunnes Stores and Penneys. Its annual footfall is estimated at 17 million visitors, and it has 5,500 parking spaces.
SVP said it plans to make significant investments to the centre, including enhancements to its food and beverage offerings. The US investment company said it will work closely with Fingal County Council, the existing tenants, and Falcon Asset Management to boost the centre’s appeal and strengthen its position as a retail destination.
Today’s News in 90 Seconds – November 18th
“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.”
Goldman Sachs bought the centre from Blackstone, the American private-equity giant, for €750m just over four years ago. Blackstone had, in turn, paid about €950 million to buy Blanchardstown from Green Property in 2016. The pandemic led to a serious devaluation of retail assets.
The acquisition of Blanchardstown is expected to complete prior to year-end, subject to regulatory approvals.
In a statement SVP says it has deep expertise in retail assets and shopping centres. Three years ago it led the restructuring and subsequent acquisition of Washington Prime Group, an American REIT with a portfolio of about 90 retail properties.
The firm was established by Victor Khosla in 2001, and has over 200 employees, with its main offices in Greenwich, Connecticut and in London.
Last year SVP became the largest investor in Intu SGS, a portfolio of four large UK shopping centres. Its London-based team is said to be actively seeking to invest in European real estate, and believes it is well positioned to leverage the firm’s differentiated sourcing, investing and operating expertise in the sector.
