Allianz Real Estate together with its joint venture partner, Hammerson plc, has signed an agreement with Ireland’s National Asset Management Agency (“NAMA”) to acquire the Project Jewel portfolio of loans secured against market-leading retail assets in Dublin, Ireland, including Dundrum Town Centre (“Dundrum”), Ireland’s pre-eminent shopping and leisure destination.
The investment of Allianz amounts to 900 million euros.
“Our investment into Project Jewel is an important step to a further diversification of Allianz´ real estate portfolio,” said Annette Kröger, CEO of Allianz Real Estate Germany. “It is a very attractive opportunity to get exposure to the dynamic Irish market. We are pleased to cooperate again with Hammerson as our JV partner.”
Opened in 2005, Dundrum is Ireland’s premier retail and leisure destination. The centre extends to approximately 1.5 million sq ft (126,000 square meters). It has one of Ireland´s highest footfalls with ca. 18 million visitors p.a. Dundrum is anchored by four department and flagship stores (House of Fraser, M&S, Harvey Nichols and Penney’s) alongside a Tesco superstore and more than thirty ‘first to Ireland’ international tenants, including Hollister, Aldo, Starbucks, Jamie’s Italian, H&M, Hugo Boss and Bershka. Overall the centre comprises 120 retail shops, 38 restaurants, a 12 screen VIP cinema and a 3,000 space customer car park.
Dundrum is located 5 kilometers south of Dublin City Centre, and is well connected through excellent public transport access serviced by the light rail Luas service and is adjacent to exit 13 of the M50 Motorway.
Dundrum has won over 30 industry awards. The centre benefits from one of the most affluent and densely populated catchment areas and has created a unique retail and leisure leasing proposition in Ireland.