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Published
Jul 8, 2016
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Hammerson secures ownership of Dundrum shopping centre

Published
Jul 8, 2016

Property developer Hammerson has secured the ownership of the Dundrum Town Centre shopping and leisure destination in Dublin, Ireland.

Photo: Dundrum


Hammerson and its joint venture partner Allianz Real Estate acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for €1.85bn. It has acquired Dundrum, as well as the Dublin Central development site (“Dublin Central”) and land adjoining the Pavilions shopping centre, Swords.

The two companies will also take over direction of the Ilac Centre, Dublin (“Ilac Centre”) and the Pavilions shopping centre, Swords (“Pavilions”) pending a pre-emption process with the co-owners and regulatory approvals.

Hammerson said the acquisition is aligned with its strategy of investing in high-growth European retail markets and enhancing income growth prospects. Dundrum is a modern retail environment that is producing strong retail sales growth of 6% (12 months to 31 March 2016), the company stated.

Hammerson CEO, 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 is currently an attractive market for retailers, due to its powerful economic growth and dynamic consumer recovery.

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Retail