Receivers called in at Dublin shopping centre
Allied Irish Banks has appointed receivers at The Square Town Centre in Tallaght in Dublin, as it looks to find a new buyer for the scheme.
The property has been on the market for the last year with a €170m (£145m) price tag, with US private equity firm Oaktree Capital Management – which owns much of the centre – looking to offload the asset.
Now, Kieran Wallace and Eamonn Richardson of Interpath Advisory have been appointed as joint receivers with the consent of funds managed by Oaktree.
In a joint statement, the parties said they were committed to working together to complete a sale of the asset to a new owner. It said that owners of independently-owned units will not be affected by the receivership.
The €170m price tag placed on the scheme last year represents an €80m (£68m) drop in value from when Oaktree purchased the asset from the National Asset Management Agency in 2019.
It was reported earlier this year in The Irish Times that bids for the property had come in around €125m (£106.5m). Whilst AIB and Oaktree were willing to sell at this price, it was reported that a lender to Oaktree was unhappy at the proposal.
A number of other issues also arose which meant the sale could not be completed.