The international real estate investment manager Savills Investment Management has purchased a Dublin Shopping Centre for €43 million. This purchase is the first acquisition made in the Republic of Ireland.
The shopping centre is a 18,000 square meter site and holds 30 tenants. One of these tenants is upper Valu, who has a 6,000 square meter unit on the site. This unit is Super Valu’s highest turnover store in the country. The fully let shopping centre also has a number of continuous asset management opportunities.
Cushman and Wakefield has advised Savills Investment Management in this acquisition who has then in turn advised Catalyst Capital, Starwood and Key Capital with their joint venture to purchase the property. Because the Republic of Ireland is a new territory for Savills IM to trade in, the company now aim to expand its business in order to work within this market more in the future. The Dublin Shopping Centre is the first purchase by the European Retail Fund and should be a sound investment as it has performed well in the past, and has the potential to grow in value through accessing the asset management.
Savills IM perform by investing in prospects that meet client requirements, the business focuses on values including Integrity, diligence, accountability, innovation when working on a daily basis.
This news comes after announcing an increase in their acquisitions for France/Benelux of over €300 million, while in the process of acquiring four other assets in retails and logistics located in France and the Netherlands.
Savills IM is an international real estate investment manager with offices around the world including Amsterdam, Frankfurt, Copenhagen, Hamburg, Jersey, Hong Kong, Luxembourg, Madrid, London, Munich, Paris, Singapore, Tokyo, Sydney and Stockholm. The investment company had managed a total of €17 billion assets as of September 2016. The company is regulated in the UK, Jersey, Japan, and Luxembourg.