It has been reported that shares worth up to 62% in St Stephen’s Green Shopping Centre are up for sale for €130 million.
According to the Irish Times, Madison International Realty and businessman Pierce Molony, who account for 25.4% and 27% of the company’s shares respectively, are initiating the sale.
It is believed that Irish Life, who owns the remaining 37.6% stake, will not follow suit, and a source close to the matter refused to rule out a bid from the group to secure full ownership.
St Stephen’s Green Shopping Centre is one of Dublin’s prime retail locations, with more than 90 shops over three levels with an overall floor area of 320,000 square feet, and a rental income of about €8 million.
The shopping centre is home to one of the larger Dunnes Stores in the city centre, operating across two units on both the ground and middle floors.
Stephen’s Green is not the only Dunnes anchored shopping centre to be put on sale in recent weeks, with the Ashleaf Shopping Centre also going up for sale earlier this month.
The smaller community shopping centre is more heavily reliant on Ireland’s leading retailer, and boasts a modest footfall of 4.5 million people and produces about €1.2 million in rent.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.