Hammerson and Allianz Real Estate have secured the ownership of Dundrum, Ireland’s biggest shopping centre.
Dundrum Town Centre
The companies secured loans against a portfolio of retail assets in September 2015 from the National Asset Management Agency for £1.53 billion.
CEO David Atkins said the Irish economy held a “competitive advantage” against a backdrop of economic uncertainty in the UK market.
“Ireland stands out from other European territories for its powerful economic growth and dynamic consumer recovery. Having successfully reached an agreement with the borrowers, this portfolio provides us with a unique opportunity to enter the Irish market. Acquiring Dundrum, one of Europe’s leading shopping destinations, is a game-changing step for Hammerson and increases the diversification of our prime European retail property portfolio.”