Dublin's Liffey Valley Shopping Centre has been bought by Germany's largest pension scheme group, Bayerische Versorgungskammer (BVK), with the sale reported to be valued at more than €600m.
The deal includes seven hectares of development land adjacent to the centre.
Liffey Valley has over 100 shops and restaurants, a multiplex cinema, and 3,500 parking spaces.
The 71,000 sq m site has been significantly developed in recent years, with Penneys becoming the new anchor store of the Western End of the centre.
Liffey Valley had been owned by a consortium that made up of HSBC Alternative Investments Limited (HAIL), Grosvenor Britain & Ireland, and Hines, and Hines will continue to act as Asset and Development Managers for the centre after the sale.
In August, planning permission was granted for a major 22,000 sq m development at the centre, which will include a new civic plaza and a 2,500-seat Olympic-sized indoor ice arena.
The new plaza will be equivalent to a typical European-scale urban plaza, while the ice arena will be capable of hosting international ice skating competitions, ice hockey matches and ice entertainment performances.
Commenting on the sale, Senior MD with Hines Ireland Brian Moran said Liffey Valley is “a landmark asset which in recent years has offered considerable upside potential, thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities”.
The deal for Liffey Valley follows the sale of both Dundrum Town Centre and the Blanchardstown Centre to international investment groups this year.
