Hines and HAIL acquire interest in Dublin shopping centre
Hines, in a joint venture with HSBC Alternative Investments Limited (HAIL), has acquired Aviva's 72.8 per cent interest in the Liffey Valley regional shopping centre in Dublin.
The other 27.2 per cent is owned by Grosvenor Britain & Ireland, which will remain a co-owner in the property.
Hines will assume the role of asset manager. It has developed Gallerias in Houston and Dallas, Diagonal Mar in Barcelona, Outlet Village Belaya Dacha in Moscow, and most recently Hofstatt in Munich. Hines has also recently acquired retail centres around the US and Russia.
Liffey Valley is one Dublin's major shopping centres and has a total floor area of 46,500 sq m (500,000 sq ft). The centre is anchored by Marks & Spencer, Next, Dunnes Stores and Boots. In addition to the four anchors there are 63 stores, (including the newly opened Bershka and Apple re-seller iConnect) four restaurants, a 14-screen 2,500-seat cinema and a dedicated food court with fast food restaurants and cafés.
Brian Moran, managing director of Hines Ireland, says: "We look forward to working with HAIL and Grosvenor and the current and new tenants on the next stage of development of the best strategically located retail destination in the city. We believe that it is a good time to invest in major retail assets in Ireland and have a number of very exciting plans to expand and enhance this shopping destination over the coming years."
Paul Forshaw, head of real estate fund management at HAIL, says: "This is the latest transaction by HAIL's Club Programme which provides clients of HSBC with access to otherwise inaccessible high quality real estate opportunities around the world. The Liffey Valley shopping centre is a landmark asset with considerable upside potential thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities."
Aviva Investors has been retained and appointed to act as transitional asset manager and was represented by DTZ. HAIL and Hines were advised by both HSBC, Dublin and Savills, London.
- By Category
- News from other sites