Meyer Bergman, BCP acquire premier Dublin retail property
Meyer Bergman European Retail Partners III, which is advised by Meyer Bergman, has teamed up with BCP Private Equity and BCP International Property Fund to buy premium retail property in Dublin, Ireland.
The partners have completed a €110m purchase for properties on two corners of the Nassau Street junction with Dawson Street, which is opposite Trinity College and parallel to Grafton Street, Dublin’s principal shopping destination.
Markus Meijer, Meyer Bergman’s Chief Executive Officer, said: “Retailers are struggling to find stores in downtown Dublin with enough space for their new formats, so we aim to reposition these properties through extensions, re-development and refurbishment. This well-located retail destination will benefit hugely from the increased footfall from the new Luas Cross City tramline, which opens next year. We are actively looking for more opportunities like these to invest in this area."
The purchase includes three high-street properties that provide 101,200 sq.ft. of retail and office space, as well as the ground floor and basement retail units of Dublin landmark Morrison Chambers.
Dublin is becoming an increasingly important location for retailers. Recent openings include lingerie giant Victoria's Secret's new flagship store on Grafton Street. Last year, Grafton Street was one of the streets included in Cushman & Wakefield's report Main Streets Across the World that saw the strongest rental growth in the world.
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