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Under the Hammer

Four popular shopping complexes for sale at €80 million

The collection was originally part of a loan portfolio that was sold by Nama in 2013.

Lucan 1 - The Opportunity page Lucan Shopping Centre Savills Savills

FOUR RETAIL COMPLEXES with Supervalu as their primary tenants are up for sale, with a guide price of €80 million for the entire portfolio.

The collection, which includes three properties in Dublin and one in Waterford, was originally part of a loan portfolio that was sold by Nama in 2013 at a massive discount.

Rathgar 1 - The Opportunity page Supervalu in Rathgar Savills Savills

The investment groups who acquired the properties successfully secured rental agreements with Supervalu owners, the Musgrave Group.

The complexes included are:

  • Lucan Shopping Centre
  • Supervalu Ranelagh
  • Supervalu Rathgar
  • Kilbarry Shopping Centre

Ranelagh 1 - The Opportunity page The Supervalu building in Ranelagh. Savills Savills

Rental agreements with the Musgrave Group underpin 68% of the total income of the properties.

The collection is being offered by Savills, which said they will be sold together or as individual lots.

_DSC7486 Kilbarry Shopping Centre in Waterford. Savills Savills

“This is one of the best supermarket and retail collections I have seen for sale in this cycle of the Irish investment market. We are continuing to witness good interest from both international and domestic investors who believe in the Irish retail story,” commented Dessie Kilkenny of Savills.

“Considering the covenant strength, unexpired lease term and proportion of income associated with the anchor tenant SuperValu, we are anticipating a good level of interest.”

Read: Boom-time Clarion Hotel in Sligo sells for €13 million>

Read: One of Dublin’s most recognisable buildings is up for sale and expected to fetch a cool €14 million>

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