Belfast Telegraph

Retail Reit plan in Republic is 'on track'

By Richard Curran

Plans for the flotation of a new real estate investment trust (Reit) focused on retail in the Republic remain on track, despite a decision by an industrial Reit to pull its own planned initial public offering.

Sigma Retail Partners said Core Industrial Reit's decision not to proceed would not have any impact on its own plans.

"This Reit is a different proposition to the one offered by Core, both in terms of its offering and its timing," a source said.

Sigma Retail Partners, which is headed up by Nama's former senior retail property adviser, Marcus Wren, and retail property specialist Neil Bannon, currently manages retail assets with a combined value of over €500m in 13 locations including Galway, Navan, Bray, Drogheda, Naas, Thurles and Waterford.

While this portfolio was already significant in itself, Oaktree's completion two weeks ago of its €250m acquisition of the Square shopping centre in Tallaght is widely considered by industry sources to have provided the scale required for a public offering to proceed as early as this summer.

The addition of the Square to the prospective retail Reit portfolio has also served to whet the appetite of the investment community. Sigma will, reportedly, commence an 'early-look' investor roadshow with stockbrokers Davy in the coming weeks.

Belfast Telegraph