Newbridge shopping centre goes on market for €150m

Business, Finance | Wed 7 Oct | Author – Business & Finance
Whitewater

Joint owners Ballymore Properties and Elm Holdings have put the Whitewater Shopping Centre in Newbridge, Co Kildare up for sale.

Whitewater Shopping Centre, which opened in 2006, comprises retail units, a cinema, 1,700 landlord controlled car parking spaces and 84 residential units.

The centre is Ireland’s largest regional shopping centre, generating a net operating yearly income of approximately €11.7m and is located within the Dublin commuter-belt, approximately 50km south-west of Dublin city and benefits from a significant catchment area of over 310,000.

The centre is currently anchored by Debenhams, Marks & Spencer, Zara and H&M, and other significant tenants include Boots, New Look, River Island, Eason and Odeon Cinema.

The launch comes promptly on the back of the recent announcement that Hammerson and Allianz Real Estate have agreed to acquire the Project Jewel portfolio of loans secured against prime retail assets in Dublin, such as Dundrum Town Centre, and part ownerships of the Ilac Shopping Centre and the Pavilions Shopping Centre in Swords.

Savills and London-based Coady Supple are handling the sales process on behalf of the co-owners and commented: “The sale of Whitewater Shopping Centre has been keenly anticipated by many domestic and international investors looking for scale and security but potentially not willing to compete for the enormous scale which was offered through Project Jewel. Based on the trends we are seeing both in Ireland and across Europe we believe this opportunity will command strong interest from domestic and global institutional capital, as well as a host of private equity investors who have been active in this sphere of late. Our in-house research teams are forecasting continued growth in the retail sector, all of which has been evidenced by the recent surge in activity within the sector.”