Retail

Tallaght Shopping Centre Tops Commercial Property Deals List

By Publications Checkout
Tallaght Shopping Centre Tops Commercial Property Deals List

The Square Towncentre Tallaght was the largest commercial property deal in 2017, according to a new report.

The South Dublin shopping centre was sold by Nama for €250 million to US private equity buyers Oaktree Capital Partners, the only retail asset to break the €100 million mark during that year.

A new investment report by real estate company Savills shows that The Square’s purchase made up 90% in value of shopping centre deals for 2017. It was followed by 100-101 Grafton Street bought by Irish Life for €50.1 million and M&S Merchants Quay Cork, bought for €31 million by the German fund Real I.S.

Retail Units

The Square opened in 1990 and was put on the market last August. It hosts a range of over 100 retail units, including Dunnes Stores, Tesco, Boots, Dealz and Freshly Chopped.

The investment giant Oaktree has previously taken over a large amount of properties around Ireland from Nama in the aftermath of the crash.

ADVERTISEMENT

Overall, commercial property spending climbed to 30% above the 15-year average in the country during 2017, with a total of €2.28 billion spent on commercial property.

While this is a marked slowdown compared to 2016, that year was boosted by the colossal sales of Blanchardstown and Liffey Valley shopping centres, fuelling turnover to some €4.5 billion at the time.

Sales from outside the capital increased to 18.4%, up from 14.2% in 2016. Cork made up 8.2% of all sales in 2017 in terms of value, largely due to the large purchases by German fund Real I.S., which included M&S on Merchant’s Quay and the €45.5 million purchase of the Capitol Building on Patrick Street.

© 2018 - Checkout Magazine by Kevin Duggan

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.