SVP strikes deal for Ireland’s largest shopping mall
Credit firm Strategic Value Partners (SVP) has struck a deal to acquire Blanchardstown Centre, Ireland’s largest shopping mall, from Goldman Sachs Group, according to reports.
Sources close to the deal said that the agreed selling price is lower than the €650m (£557m) price tag Goldman Sachs handed the asset when it was put up for sale last year, Bloomberg has reported.
New York-based Goldman Sachs acquired the Dublin-based property from Blackstone in late 2020, when the asset was valued around €750m (£642m). The scheme is home to 180 stores and restaurants, with key tenants including Zara, Hollister, and JD Sports.
Sue Munden, a senior analyst at Bloomberg Intelligence, said of Dublin’s retail market in general: “Capital values for prime shopping centres in Europe have fallen more than 40 percent since the peak and rental values in the best malls are now increasing, so if yields stabilise there is value recovery potential.”
SVG, founded by Victor Khosla, has over £14bn worth of assets under its management.