British commercial property development and investment company Hammerson has secured ownership of Dundrum Town Centre in Dublin together with its joint venture partner – the German-owned Allianz Real Estate.
Hammerson and Allianz acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for €1.85 billion.
All of the assets were part of NAMA’s Project Jewel portfolio, which had a par value of about €2.6 billion.
Hammerson and Allianz were chosen as the preferred bidder for the loans last September.
All of the loans are connected with property developer Joe O'Reilly and his company Chartered Land.
In addition to Dundrum Town Centre, Hammerson will acquire a number of other Chartered Land assets in Ireland, including land adjoining the Pavilions shopping centre in Swords, Co Dublin.
Hammerson and Allianz will also take over direction of the Ilac Centre in Dublin city centre and the Pavilions shopping centre, pending regulatory approval.
Hammerson CEO David Atkins said the portfolio "provides us with a unique opportunity to enter the Irish market.
"Acquiring Dundrum, one of Europe’s leading shopping destinations, is a game-changing step for Hammerson and increases the diversification of our prime European retail property portfolio."
Hammerson is already involved in the Irish retail market through its investment in the Kildare Village outlet, as well as a partnership connected to the Abbey Retail Park in Belfast.
Allianz has been involved in the Irish market for many years, with its real estate arm recently investing €140m in property vehicle IPUT.
It already owns a number of European shopping centres, including Porta di Roma in Rome, Allee Center in Budapest and Skyline Plaza in Frankfurt.
Commenting on the deal, Executive Chairman of Chartered Land Joe O’Reilly said:” We are very pleased that this transaction has concluded successfully.
"I am confident that Hammerson and Allianz Real Estate will continue to invest in, and develop, these assets in the coming years, building on the strong Chartered Land legacy,” he added.
