Hammerson JV pays €1b for Dublin mall
Hammerson plc and its joint venture partner Allianz Real Estate have acquired the Dundrum Town Center in Dublin, marking Hammerson’s first move into the Dublin retail market. The sales price was approximately €1 billion ($1.1 billion).
The acquisition is part of the Project Jewel portfolio the firms acquired last year. Hammerson and Allianz acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for €1.85 billion ($2 billion), a discount to the face value of the loans, which the acquisition will be funded from.
Allianz is acquiring 50 percent of the Dundrum Town Center property. Hammerson will be responsible for managing the shopping center.
The mall is one of Ireland’s most foot