Hammerson takes ownership of Dundrum Town Centre
British investment and commercial property development company, Hammerson has taken ownership of Dundrum Town Centre in Dublin together with its joint venture partner the German-owned Allianz Real Estate.
Hammersons has secured loans against Dundrum retail assets from the National Asset Management Agency (NAMA) for €1.85bn.
These assets were part of NAMA’s Project Jewel portfolio Hammerson and Allianz were picked as the preferred bidder for the loans in September of last year.
The loans were connected to property developer Joe O’Reilly’s Chartered Land.
In addition to Dundrum Town Centre, Hammerson will acquire a number of other Chartered Land assets in Ireland, including land adjoining the Pavilions shopping centre in Swords, Co Dublin.
Hammerson and Allianz will also take over direction of the Ilac Centre in Dublin city centre and the Pavilions shopping centre, pending regulatory approval.
Hammerson CEO David Atkins said the 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.”
