Historic Sale of The Square Shopping Centre in €130 Million Deal
In a historic move, The Square shopping centre has been sold in a deal worth a staggering €130 million. This sale marks a significant moment for the Tallaght mall, which was once Ireland’s largest shopping center when it first opened its doors back in 1990. The sale price of €130 million is just over half of what the previous owners, US private equity firm Oaktree, had paid for the property when they acquired it from Nama in 2018.
Buyer Revealed: Eagle Street Partners Takes Control
The buyer of The Square shopping centre is none other than Shane Scully’s Eagle Street Partners, a prominent group that already owns a portfolio of investment properties in both Ireland and the UK. This acquisition by Eagle Street Partners includes full control of the centre’s 160 shops, a 13-screen cinema, and a whopping 2,400 car parking spaces. The Irish Times was the first to report on this significant sale, which has captured the attention of the commercial real estate market.
Anchor Stores and Recent Developments
The Square shopping centre is anchored by popular retailers such as Dunnes Stores and Tesco, providing a diverse range of shopping options for visitors. In addition, Penneys opened a large store in the centre just two years ago, following years of speculation about its potential location. This new addition has further solidified The Square’s position as a key shopping destination in the area.
Despite its recent success, The Square faced challenges earlier this year when it was put into receivership by Oaktree’s primary lenders, AIB. However, the day-to-day operations of the centre remained unaffected, ensuring a seamless shopping experience for customers. The decision to sell the property was made in light of market conditions and the opportunity to capitalize on its value.
As one of Dublin’s premier shopping destinations, The Square was listed on the market with an asking price of €170 million last year. While it initially failed to attract a buyer at that price point, the eventual sale for €130 million demonstrates the resilience and appeal of this iconic shopping center. The transaction reflects the confidence of investors in the Irish retail sector and highlights the potential for growth in the market.
In conclusion, the sale of The Square shopping centre in a €130 million deal marks a significant milestone in the history of this iconic mall. With new ownership in place and a strong lineup of anchor stores, The Square is poised for continued success in the competitive retail landscape. The transaction serves as a testament to the enduring appeal of well-established shopping centers and the opportunities they present for investors in the commercial real estate sector.
