US based global investment firm Strategic Value Partners said today that SVP-managed funds have agreed a deal to buy Falcon AM, the asset manager of Blanchardstown Centre.
SVP funds had already bought Blanchardstown Centre late last year.
The financial terms of that deal were not disclosed but previous media reports have suggested it was worth in the region of €600m.
SVP said today's deal reflects its recognition of Falcon AM's contributions to the Blanchardstown Centre's success and growth over the years.
Under Falcon AM's stewardship, Blanchardstown Centre now covers 1.2 million square feet of space and houses over 180 shops and restaurants.
The centre has an annual footfall of about 17 million visitors and also has 5,500 parking spaces.
As part of the proposed deal, Pat Nash, the owner and Managing Director of Falcon AM, will be stepping down with immediate effect and an interim CEO will be appointed.
Pat Nash will continue to work as an advisor under the new ownership, ensuring continuity and leveraging his expertise during this pivotal phase.
Mr Nash served as Asset Management Director at Green Property, the original developer and owner of The Blanchardstown Centre. He began his tenure with Multi, a Blackstone company, after their acquisition of the centre in 2016 where he assumed the position of Director of Asset Management and was promoted to Managing Director for Multi Ireland and UK in July 2019.
Following the acquisition of The Blanchardstown Centre by Goldman Sachs in January 2021, Pat took over Multi’s Ireland operations, rebranding the business as Falcon Asset Management.
"I am immensely proud of what the Falcon AM team has accomplished at Blanchardstown Centre. Despite the significant challenges we've faced, including the impact of Covid, the dedication and professionalism of our team, have positioned the asset for long-term success," Mr Nash said.
"It's an exciting time as the property stands ready to embark on the next chapter of growth. As I transition into my new role as an advisor, I look forward to collaborating closely with SVP to continue building on this strong foundation," he added.
Anders Hemmingsen, Managing Director of Commercial Real Estate at SVP, said the company was thrilled at the prospect of integrating the expertise of the Falcon AM team into the SVP portfolio.
"Their longstanding dedication has helped position Blanchardstown Centre as a premier retail destination, and we look forward to building on this success with strategic investments that will enhance the Centre’s offerings and create long-term value for the Blanchardstown community," he said.
"The proposed acquisition of Falcon AM underscores our interest in the Irish real estate sector," he added.
