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THE SALE OF Blanchardstown Shopping Centre this year was Ireland’s most expensive single property deal ever, according to the newly released research.
Blanchardstown Shopping Centre was sold in June to US investment giant Blackstone for €945 million.
New research by BNP Paribas Real Estate – a large commercial property agent – puts this as the most expensive single property deal in Ireland’s history.
The research looked at the Irish commercial property market between April and June of this year.
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It found that €2.1 billion was transacted in this time, making it the strongest quarter achieved in the Irish market.
This was three times higher than the turnover for the same period last year.
According to the research, office investment forms the backbone still of the commercial property market, with €717m of assets changing hands between April and June.
Office sales were boosted in the time looked at by the sale One Spencer Dock for €240m and the sale of Dublin 2 office portfolio Project Kells for €93m.
“The second quarter of this year between April and the end of June was a landmark period for the Irish commercial property sector,” said Joan Henry, head of research at BNP Paribas Real Estate.
If turnover reaches the forecasted €3.5bn for 2016, the 10 year average will have increased significantly to €1.7bn, compared to €1bn in 2013.
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Blackstone are another circling vulture with the ear of our establishment political class:
“The Irish government has, moreover, rolled out the red carpet for the vultures, engaging in frequent meetings with the key players. It’s been reported that funds like Blackstone and Apollo have had meetings with senior civil servants at the Department of Finance and that Blackstone had a private meeting with the Taoiseach Enda Kenny in late 2011.
It’s also been reported that the Minister for Finance met with Lone Star capital three times and Apollo capital twice in 2013 and 2014. All in all, the department of finance met with vulture funds no less than 65 times in 2013 and 20143.”
“Who owns these vulture funds? They are not household names. Cerebus, Pepper, Lone Star Capital, Blackstone, Oaktree Capital, Starwood Capital and King Street Capital are among the companies involved.”
Like most print media the Irish Times is under-, resources due to declining revenues and is often wrong, as it is in this case: Blackstone is an investment company set up over 30 years ago and has a diverse worldwide portfolio including manufacturing and sales.
Since when is a company spending nearly a Billion Euro on one deal vulture Co. It’s not unusual for investors spending that kind of money to meet with officials.
As usual it will be the consumer and shop owners paying it back to the buyers. They have already raised the rents by nearly 50% and they are starting paid parking in January 2017, shops will end up closing due to this!
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