Franchising, retail, business
25/01/2015
A host of shopping centres are set to be put on the market this year, as they become the latest asset class to attract overseas investors hungry for high returns
While the National Asset Management Agency’s plans to put the loans tied to Dundrum Shopping Centre in Dublin on the market have taken centre stage, that is likely to be just one of a number of deals involved in the sector this year.
A small number of major retail assets changed hands last year in what was the first major activity in teh market for years, with funds tied to HSBC buying a 73pc stake in Liffey Valley while US investment fund Varde took the Acorn Portfolio of three shopping centres and a retail park for €170m.
On top of those sales, a number of shopping centres are now likely change during the year ahead.
The “Harvest Portfolio” of five shopping centres in Dungarvan, Co Waterford; Mullingar, Co Westmeath; NAvan, Co Meath; and in Cashel and Clonmel, Co Tiopperary went on the market in November. The second round of bids is believed to be underway at present with a final decision expected by March. The properties are on the market with an asking price of €50m.
That asking price is likely to be eclipsed however. Varde paid some €40m above the asking price for the Acorn Portfolio and with quantitative easing set to push the euro lower, those values will only increase.
In their preview of the year ahead, broker CBRE were bullish on the retail market in Ireland.
“One of the more notable trends in 2014 was the volume of retail property which traded around the country and this is one we anticipate will be replicated this year with several shopping centres and retail portfolios expected to be offered for sale.
“In addition to an improvement in retail sales activity, the appetite for retail investment properties has undoubtedly been influenced by the fact that many schemes experienced little or no refurbishment or capital expenditure during the last number of years which in addition to restructuring leases and reconfiguring schemes offers purchasers asset management opportunities to enhance income and in turn value,” CBRE said.
Numerous other centres are expected to come to market this year, with market expects expecting Waterford’s City Square to be among the properties put up for sale.
Fonte:http://www.independent.ie/business/irish/shopping-centre-sales-are-set-to-increase-in-2015-30935165.html
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