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Rockmill Refinance Drogheda Shopping Centre With Help From ECB

Rockmill, owned by developer Phil Reilly, has refinanced the Southgate Shopping Centre in Drogheda, according to the Irish Times.

The Drogheda shopping centre’s loans were estimated to be worth €75 million, and were acquired by US fund Cerberus from the National Asset Management Agency (Nama) last year.

Refinance

Rockmill developed the centre shortly before the property crash ten years ago. The group recently completed the buyout from Cerberus using finance from Earlsfort Capital Partners (ECP) and Dublin businessman Kieran Fox, a food ingredients entrepreneur who controls Oval Cove.

Southgate is anchored by Dunnes Stores, and is situated in South Drogheda, on the Dublin side of the commuter town.

It includes 60 apartments and a commercial scheme, where tenants include a Coca-Cola company that employs 280 staff on the site.

The developers of the new scheme include Phil Reilly, whose main company is Shannon Homes, and John Stanley, a Meath based businessman.

According to The Irish Times, ECP has been quite active in Ireland as of late. The group, with offices in Dublin, London and Boston, has reportedly been included in deals for the Fairgreen shopping centre in Carlow and the Quays shopping centre in Newry.

© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition. 

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