Varde Partners paid €115m to secure ownership of 300,000sq ft scheme as part of wider retail investment portfolio in 2014
Having paid about €115 million to acquire Blackpool Shopping Centre in 2014 and then failing to find a buyer for it at €117 million three years later, US-based investorretail scheme at about €49.5 million, The Irish Times has learned. The heavily discounted sale of the shopping centre and its adjoining retail park and offices to Irish property investor Lugus Capital and London-headquartered Patron Capital is understood to be close to completion. The €49.
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.
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