Allianz Real Estate focuses on the Irish retail market
Allianz Real Estate has acquired the "Project Jewel" portfolio with its joint venture partner Hammerson. This is a loan portfolio secured by large retail properties in Dublin. This includes the premium property "Dundrum Town Centre", one of the most renowned shopping and leisure centers in Ireland. Allianz is participating in this transaction with approximately 900 million euros.
"It's a very attractive opportunity to tap into the Irish market with its dynamism."
"Our investment in the Jewel project is an important step in further diversifying Allianz's real estate portfolio," said Annette Kröger, CEO of Allianz Real Estate Germany. "It is a very attractive opportunity to tap into the Irish market with its dynamics."
The Dundrum Town Centre was opened in 2005 and has approximately 126,000 square meters. The center includes 120 stores, 38 restaurants, a cinema with twelve screens and 3,000 customer parking spaces. With 18 million visitors annually, it has one of the highest visitor frequencies in Ireland. Anchor tenants House of Fraser, Marks & Spencer, Harvey Nichols and Penney's have set up department and flagship stores at Dundrum, complemented by a Tesco supermarket and tenants such as Hollister, Aldo, Starbucks, Jamie's Italian, H&M, Hugo Boss and Bershka.
Allianz was advised on the transaction by JLL, Savills, Clifford Chance and PwC.
