Arena sale nets €34 million for equity real estate manager Henderson Park

THE sale of the Arena Centre in Tallaght is understood to have netted €34 million for UK-headquartered private equity real estate manager Henderson Park.

According to The Irish Times, the mixed-use scheme at the junction of the N81 and Whitestown Way, has been acquired by UK and European real-estate investment manager M Core.

The Arena Centre is the company’s first investment in the Irish market.

The sale of the property comes just over five years on from its purchase by Henderson Park, which secured ownership of the scheme as part of its record-setting €1.34 billion purchase of Green Reit.

The extensive property was previously put up for sale in 2016 by then-owner Green REIT, but at the time it failed to secure a buyer.

While the €34 million paid by M Core is substantially less than the €65 million guide price Green Reit attached to the Arena Centre when it first looked to sell the scheme in 2016, the current sale did not include 63 apartments that were included as part of that original process.

Henderson Park acquired the Arena site in 2020 which extends to 321,385 sq ft in total and consists of a mix of retail, office, and hotel accommodation.

The development is 98 per cent occupied and home to anchor tenants including Bank of Ireland, Woodie’s DIY, and the Maldron Hotel.

Also excluded from the latest sale was the Arena Centre’s Lidl store, which is owner-occupied, and a further 167 apartments which are held by a mix of owner-occupiers and private investors.

The Irish Times understands also that M Core sold the Woodie’s premises to another investor upon the completion of the €34 million deal with Henderson Park.

Agent JLL advised Henderson Park on the sale of the Arena Centre. M Core was represented in the transaction by Cushman & Wakefield.