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Ireland's largest shopping centre has just been sold as part of biggest Nama deal ever

Project Jewel will see a substantial property portfolio going to real estate companies Hammerson and Allianz.

Dundrum Town Centre
Dundrum Town Centre
Image: Laura Hutton/RollingNews.ie

IRELAND’s LARGEST SHOPPING centre is set to change hands as part of the biggest Nama deal ever.

Dundrum Town Centre will be sold as part of the Project Jewel loan portfolio.

Part ownership in the Ilac Centre and Swords Pavilions are also included in the deal, as well as a number of strategic development sites and other assets.

These are being sold to Hammerson and Allianz, who are based in the United Kingdom and Germany respectively.

The sites had been connected by Joe O’Reilly and his company Chartered Land.

How much did it go for? 

The portfolio, which had been given a face value of €2.6 billion, is being sold for €1.85 billion, making it the biggest single transaction carried out by Nama to date.

The acquisition is an equal joint venture between the two companies involved.

Following the deal, Hammerson has announced its intention to establish an office in Dublin and currently has Irish interests in Kildare Village.

Allianz Real Estate has had interest in Ireland going back many years and currently employs close to 1,500 people here as part of its insurance operation. 

10% of the purchase price has been paid as part of signing the loan agreement and the rest of the payment is expected to go through before the end of October.

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Reaction

Speaking about the deal, Nama chief executive Brendan McDonagh, said, “We are delighted that institutions of the calibre of Hammerson and Allianz have shown huge confidence in Ireland by this strategic investment in a unique, high quality portfolio.”

The deal was also welcomed by both real estate firms.

Hammerson’s CEO David Atkins described it as an opportunity, “to increase our exposure to Europe’s fastest growing economy”.

Annette Kröger, the CEO of Allianz Real Estate Germany, said, “our investment into Project Jewel is an important step to a further diversification of Allianz’s real estate portfolio.”

Read: Couple launches legal action over ‘nuisance’ building of penthouses

Also: Johnny Ronan backtracks: Nama is ‘not comparable to Nazi horrors’

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