US investor had paid €115m to secure ownership of 300,000sq ft scheme as part of wider retail portfolio purchase in 2014
Irish property investor Lugus Capital and London-headquartered Patron Capital have acquired Blackpool Shopping Centre in Cork . The completion of the off-market sale comes just over three months after The Irish Times reported that the partners had agreed to purchase the centre from US-based investor Varde Partners for about €49.5 million. The price paid by Lugus and Patron represents a 57 per cent discount on the €115 million Varde paid to secure ownership of the scheme a decade ago.
At the time of its 2014 sale, Blackpool Shopping Centre and its retail park and offices were generating a total of €8 million in annual rental income from a broad range of tenants. Some €6.7 million of the rent was being paid by the scheme’s retail occupiers, with the remaining €1.3 million coming from the development’s office accommodation. Today, The Irish Times understands the overall rent roll is closer to €6 million, with €3 million of this being generated from the centre’s retail park.
Lugus-Capital Cork Retail-Investment Blackpool-Shopping-Centre
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