Fund controlled by Davy Real Estate completes deals for Kennedy Wilson and Harcourt Developments schemes
A fund managed by Davy Real Estate has paid just over €103 million across two deals for seven of Ireland’s best known regional shopping centres.
The fund is understood to have completed the acquisition of the Marshes Shopping Centre in Dundalk from US real estate firm, Kennedy Wilson for about €29.5 million. The price paid is €4 million less than the €33.5 million Kennedy Wilson had been guiding when it offered the centre to the market through joint agents Bannon and CBRE in June last year.
Outside of their purchase of the Dundalk scheme, the Davy investors have also just completed the €74 million acquisition of the Hexagon portfolio, a collection of six regional shopping centres built and owned by developer Pat Doherty’s Harcourt Developments.
The news of Davy latest €105 million in acquisitions follows its purchase for €9.575 million in April of last year of Eyre Square Shopping Centre in Galway city centre. In that instance, the Davy investors secured a discount of 33 per cent on the €12.75 million Colliers had been guiding when it brought the shopping centre to the market on behalf of US investment giant Marathon Asset Management in August 2021.
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