Hammerson completes £300m Dundrum Town Centre refinancing
Hammerson, along with PIMCO Prime Real Estate, has secured a €350m (£300.3m) loan secured against Dundrum Town Centre from lenders Rothesay, BNP Paribas and Deka.
Hammerson and its joint venture (JV) partner Allianz funded a total of €220m (£188m) at equal share, from existing cash in the JV as well as new equity, which – together with the new facility – will be used to refinance the existing net €570m (£489m) facility which is set to mature in September.
The new loan is repayable on or before the maturity in September 2031 at an all-in interest cost expected to be 5.5%. Hammerson’s reported loan-to-value at 30 June will remain unchanged, and average maturity has extended from 2.2 to 2.9 years.
Dundrum Town Centre is located in the affluent and densely populated southern Dublin catchment. Recent investment to at the scheme has introduced high-profile brands and new uses including leisure, entertainment, and workspace, driving footfall and sales year-on-year.
The centre now offers over 150 brands including restaurants, a 12-screen cinema and 3,400 car park spaces. The 1.35 million sq ft destination is 95% occupied and generates total passing rent of around €62m (£53.2m) per annum.
Dundrum was recently graded A++ by Green Street, making it the only asset in Ireland with this rating and putting it amongst top super-prime destinations in Europe.