Hammerson secures ownership of Dundrum Town Centre
Shopping centre owner Hammerson and its joint venture partner Allianz Real Estate have secured the ownership of the Dundrum Town Centre shopping and leisure destination in Ireland.
Hammerson and Allianz will also take over direction of the Ilac Centre in Dublin and the Pavilions Shopping Centre in Swords pending a pre-emption process with the co-owners and regulatory approvals.
On completion, Hammerson's total consideration for its share of the portfolio, including fees, taxes and transaction costs, will be €1.23 billion.
Hammerson chief executive David Atkins said: "Having successfully reached an agreement with the borrowers, this portfolio provides us with a unique opportunity to enter the Irish market. Acquiring Dundrum, one of Europe's leading shopping destinations, is a game-changing step for Hammerson and increases the diversification of our prime European retail property portfolio.
“Ireland stands out from other European territories for its powerful economic growth and dynamic consumer recovery. Furthermore, against the current backdrop of UK market volatility and political uncertainty, the Irish economy continues to hold a number of competitive advantages as a European hub for business activity in a wide range of sectors.”
Dundrum encompasses 140,000 square metres of prime retail and leisure space and will be the largest of Hammerson's assets by lettable area. The centre offers 120 shops, 38 restaurants, a 12-screen cinema as well as 3,400 car park spaces.
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