Savills IM acquires Lucan  Shopping Centre for €43m

Savills IM acquires Lucan Shopping Centre for €43m

SAVILLS Investment Management has made its first acquisition in Ireland after buying the Lucan shopping centre for €43m on behalf of its European Retail Fund.

The shopping centre, located to the west of Dublin city centre, comprises 18,000 sq m and is fully let to 30 tenants, including a 6,000 sq m unit let to food retailer Super Valu.

Lucan SC 05

Trading alongside SuperValu is Dunnes Stores, which holds a long leasehold on its premises at a nominal rent. The annual passing rent is €2,695,934 per annum.

SuperValu accounts for 59 per cent of the overall rent and the scheme has a weighted average unexpired lease of 11.8 years. Other tenants within the scheme include McDonald’s, Starbucks, Lloyd’s Pharmacy and O’Brien’s Fine Wines.

Footfall is in the region of 65,000 people per week and there are 800 customer parking spaces.

The centre was bought from a joint venture between Catalyst Capital, Starwood and Key Capital, which in turn acquired the site in 2011 as part of a portfolio of loans, known as Project Aspen, sold by Nama in 2013.

The sellers were advised by Savills while Cushman and Wakefield acted for Savills IM.

Lucan was one of four Super Valu-anchored properties known as the SV4 Collection that was put up for sale last year by Savills.The others are Super Value Rathgar and Ranelagh in Dublin, and Kilbarry shopping centre in Waterford.

Ian Jones, Fund Director for the European Retail Fund at Savills IM, told The Echo: “The Republic of Ireland is a new territory for Savills IM, but one where we intend to do further business in the future. This acquisition is also the first shopping centre to be acquired by our European Retail Fund and one that fits the Fund strategy well, being a property with a strong performance history but also with the potential for asset management to enhance value.”

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