The shopping centre, which was acquired by Wall Street giants Goldman Sachs as part of a €750 million deal in 2020 is set to hit the market.
Goldman Sachs have enlisted the help of Eastdil Secured and CBRE to find a buyer for Blanchardstown Shopping Centre. The shopping centre, which is the largest in Ireland is expected to carry a guide price of €650 million-€725 million as reported by the Irish Times.
This estimated sale would see the wall street investors incur a loss of €25 million-€100 million on their purchase, without considering allowances for rental income received or capital expenditure.
A go-to shopping destination for west Dubliners and those further afield, Blanch spans spprox. 112,000 sq m and has 180 stores including Penneys, Dunnes, Zara and Nike’s first Unite store in Ireland. The centre also comprises of three retail parks and 7,000 free parking spaces with surrounding drive-thrus and fast food outlets including the first Irish branch for US donut conglomerate Krispy Kreme.
Before being acquired by Goldman Sachs in 2020, the shopping centre was purchased by Blackstone at a whopping €950 million in 2016. This set a record as the most valuable sale of a single property in the history of the State, the Irish Times reports.
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