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€945 million sale of Blanchardstown Shopping Centre was most expensive in Ireland's history

New research found Q2 of this year was Ireland’s strongest ever in the commercial property market.

Blanchardstown Shopping Centre.
Blanchardstown Shopping Centre.
Image: RollingNews.ie

THE SALE OF Blanchardstown Shopping Centre this year was Ireland’s most expensive single property deal ever, according to the newly released research.

Blanchardstown Shopping Centre was sold in June to US investment giant Blackstone for €945 million.

New research by BNP Paribas Real Estate – a large commercial property agent – puts this as the most expensive single property deal in Ireland’s history.

The research looked at the Irish commercial property market between April and June of this year.

It found that €2.1 billion was transacted in this time, making it the strongest quarter achieved in the Irish market.

This was three times higher than the turnover for the same period last year.

According to the research, office investment forms the backbone still of the commercial property market, with €717m of assets changing hands between April and June.

Office sales were boosted in the time looked at by the sale One Spencer Dock for €240m and the sale of Dublin 2 office portfolio Project Kells for €93m.

“The second quarter of this year between April and the end of June was a landmark period for the Irish commercial property sector,” said Joan Henry, head of research at BNP Paribas Real Estate.

 If turnover reaches the forecasted €3.5bn for 2016, the 10 year average will have increased significantly to €1.7bn, compared to €1bn in 2013.

The report can be read in full here

Read: Woman settles case with shopping centre after she tripped on a stopped escalator

Read: Security man hospitalised after Blanchardstown cash-in-transit robbery

About the author:

Cormac Fitzgerald

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