The Daily Star Ireland
Strategic Value Partners (SVP), a U.S.-based investment firm, has announced its purchase of the Blanchardstown shopping centre in northwest Dublin, marking one of the largest commercial property transactions of the year. While SVP, which manages approximately $19 billion in assets, has not disclosed the exact purchase price, reports suggest it is around €600 million.
The property, which was listed for sale by Goldman Sachs last year with an asking price of €650 million, ultimately sold for a lower amount, according to Bloomberg, who first reported the sale in August.
Blanchardstown Centre, the largest shopping mall in Ireland, spans 1.2 million square feet and features over 180 shops and restaurants, including well-known retailers like Dunnes Stores and Penneys. With an estimated 17 million visitors annually, it also offers 5,500 parking spaces.
SVP plans to invest significantly in the centre, focusing on enhancing its food and beverage offerings and collaborating with Fingal County Council, existing tenants, and Falcon Asset Management to improve its attractiveness and solidify its position as a leading retail destination.
Mike Ungari, SVP’s global head of real estate, expressed excitement about the opportunities Blanchardstown Centre presents, stating their aim is to build on the centre’s existing strengths and maintain its reputation for retail and leisure excellence.
Goldman Sachs acquired Blanchardstown Centre from Blackstone, the American private-equity firm, for €750 million a little over four years ago. Blackstone had purchased it from Green Property for approximately €950 million in 2016. The pandemic led to significant declines in retail property valuations.
SVP’s acquisition of Blanchardstown is expected to be finalized by the end of the year, pending regulatory approval.
SVP, founded in 2001 by Victor Khosla, has extensive experience with retail assets. The firm was involved in the restructuring and subsequent acquisition of Washington Prime Group, an American REIT with a portfolio of about 90 retail properties. SVP, with over 200 employees across offices in Greenwich, Connecticut and London, has also been expanding its European real estate presence. Last year, it became the largest investor in Intu SGS, which owns four major UK shopping centres.
