THE LIFFEY VALLEY Shopping Centre in West Dublin has been sold to Germany’s largest pension scheme group in a deal worth over €600 million.
Bayerische Versorgungskammer (BVK) has completed the deal along with investment manager, Universal-Investment.
The centre, which opened in 1998 and is located in Clondalkin, just off the M50 by the N4 road in Dublin, was previously owned by HSBC Alternative Investments Ltd, Grosvenor Britain and Ireland, and Hines.
The site has undergone significant redevelopment in recent years, with a new, multi-storey Penneys opening earlier this month. The Vue cinema also got an upgrade, and six new restaurants opened on site in recent times.
Liffey Valley now comprises over 71,000 square metres of retail and leisure space.
In August 2016, planning permission was granted for an additional 22,000 square metres of retail space to add to the over 100 shops and restaurants already on site.
Further development plans include the addition of a new public space equivalent to a “typical European-scale urban plaza”.
Brian Moran, senior MD at Hines Ireland, called Liffey Valley a “landmark asset” which offers considerable upside potential due to the “improving Irish commercial real estate sector, strong tenant demand and significant development opportunities”.
Hines will continue to act as asset and development managers for the centre following the closing of the sale.
Other Dublin shopping centres to change hands this year include Dundrum Town Centre, in a deal worth more than €1 billion, and the Blanchardstown Centre, which was sold for around €945 million.
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