By Staff writer
Three overseas bids lodged for prominent shopping centres, property in Dublin
Kuwait Investment Authority (KIA) is among the final three bidders for an Irish property portfolio valued at an estimated $1.8 billion.
Project Jewel, a loan portfolio that includes debt secured on Dundrum Town Centre, a 120,000 square metre shopping centre in Dublin, among others, is controlled by Ireland’s National Asset Management Agency (NAMA), the government body that took over the country’s distressed real estate assets during the downturn.
The final bidders for the portfolio have all come from overseas, with KIA lodging a joint bid with US investor Hines. The two other bids have come from US firm Colony Capital and a joint bid by Germany’s Allianz Real Estate and UK property investment giant Hammerson, according to the Irish Independent newspaper.
The report claimed the sale process is expected to conclude in the coming weeks, by which stage a preferred bidder will be named.
The sale being conducted by NAMA is for the loans secured against the shopping centres, as opposed to the centres themselves. However, by buying the loans, the successful bidder will have effective control over the properties.
The portfolio also includes a 50 percent stake in two other prominent shopping centres in Dublin (Ilac in city centre and Pavilion in Swords), as well as land adjacent to the Dundrum Shopping Centre that has been earmarked for its second phase of development.