The Square delivers profit of over €16.6m
By Maurice Garvey
THE Square shopping centre delivered a profit of over €16.6 million for the 12 months to the end of September 2017, compared to a loss of €1.1 million the year before.
Recently filed accounts for The Square Management Limited show that the centre’s return to profit was largely due to the disposal of certain assets to the tune of €6.4 million.
It also received debt forgiveness of over €13 million on its bank loans.
The shopping outlet’s management had revenues of €6.8 million during the 12 month-period, up nearly €300,000 on 2016′s tally.
The company generated most of its turnover through unspecified service charges, while €880,500 of its revenue came from car park fees and lettings accounted for €420,000.
In March, US private equity giant Oaktree completed a €250 million acquisition of the Square shopping centre – one of the largest retail transactions to have taken place in Ireland.
As part of the Square buyout it acquired Indego, the centre’s parent company.
Oaktree’s acquisition gives it control of 118 of the Square’s 160 shop units, a cinema with 13 digital screens and more than 2,400 car spaces.
The centre registered 22 million visitors in 2016 alone and is currently producing annual rental income of almost €14 million.
