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Hammerson inspects new Irish retail asset after Nama deal

By John Mulligan

UK property firm Hammerson has been showing off its recently acquired Dundrum shopping centre in Dublin to investors, and detailing its strategy for the Irish market.

The group - which includes Hammerson chief executive David Atkins - has brought investors and analysts to Dublin this week for a two-day site visit.

They also visited the Ilac centre and the Pavilions centre in Swords, in which Hammerson also now owns stakes.

The investors are having a breakfast meeting at Davy Stockbrokers today and will then visits Liffey Valley and Blanchardstown shopping centres.

Liffey Valley has been put up for sale by owners Grosvenor, HSBC and Hines and is expected to fetch about €600m (£516m).

The Blanchardstown centre was sold for €950m (£818m) this year to Blackstone.

At the Davy event, Hammerson is hosting a panel discussion on the Irish retail environment, while investors will then be brought on a tour of other retail destinations in the capital, including Grafton Street.

Hammerson and the property arm of German insurer Allianz finalised the acquisition of Dundrum shopping centre during the summer.

Hammerson and Allianz acquired the so-called 'Project Jewel' loans from Nama, with all of the loans associated with developer Joe O'Reilly and his firm, Chartered Land. A total of €2.6bn (£2.2bn) worth of loans attached to the properties were acquired for €1.85bn (£1.6bn).

Hammerson secured sole ownership of the 50% stakes in both the Ilac and the Pavilions that were sold, as well as development sites.

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