Square town centre officially goes on the market for €233m
By Aura McMenamin
The Square town centre in Tallaght is officially on the market, with selling agents quoting in excess of €233m for the shopping centre.
Joint sellers Cushman & Wakefield and JLL made the announcement on Wednesday, saying that the centre generates a rental income of €13.97m with new owners seeing a return of 5.75 per cent.
Earlier this year, Nama appointed the joint agents to oversee the sale of the shopping centre, after Indego, the company that owned the Square, owed Nama €555m.
According to Cushman & Wakefield, over the past six years the ownership of the scheme has ‘undergone a significant transformation’.
The current vendor consolidated its ownership, meaning the new owners will hold 118 retail units (including a 13 digital screen cinema) and six ATMS in the centre and have the controlling stake in the management company.
There are over 160 units, including River Island, H&M, New Look, Heaton’s and IMC Cinema.
The Square welcomed several new restaurants and brands since last year, including WOW Burger, Kays, Inglot, Gino’s Gelato and Newbridge Silverware.
The 27-acre site has anchor tenants Tesco, Debenhams and Dunnes Stores.
Last year, the 27-year-old centre recorded 22 million visitors.
Kevin Donohue, Head of Investments at Cushman & Wakefield, and John Moran, CEO at JLL, who are handling the sale said: “The Square Tallaght provides investors with an opportunity to control one of Dublin’s largest regional shopping centres and offers the ability to participate in the Irish retail market at a time when retail sales are on an upward trajectory and the Irish economy leads the way in the EU.
“The asset offers investors long-term secure income with immediate ability to drive this forward via existing development and asset management opportunities, which will further enhance The Square as one of Ireland’s top shopping destinations.”
