Credit firm Strategic Value Partners (SVP) has struck a deal to acquire Blanchardstown Centre, Ireland’s largest shopping mall, from Goldman Sachs Group.
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.
New York-based Goldman Sachs acquired the Dublin-based property from Blackstone in late 2020, when the asset was valued AT €750m (£642m). The scheme is home to 180 stores and restaurants, with key tenants including Zara, Hollister, and JD Sports.
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.
SVP, founded by Victor Khosla, has over £14bn worth of assets under its management.