Hammerson joint venture buys Dublin loan portfolio

29th Sep 2015 07:10

(ShareCast News) - Property development and investment company Hammerson and its joint venture partner Allianz Real Estate have signed an agreement with Ireland's National Asset Management Agency to acquire the Project Jewel portfolio of loans secured against retail assets in Dublin for €1.85bn or £1.37bn. The portfolio includes loans secured against Dundrum Town Centre, which Hammerson said was Ireland's "pre-eminent" shopping and leisure destination, and 50% stakes in Ilac Centre and The Pavilions shopping centres in Dublin.Hammerson said the deal will create a major new platform of high quality retail property in Ireland and give the company an opportunity to become Ireland's leading property owner.It said the loans were secured against a portfolio of established, well-let shopping centres and core retail development opportunities.Hammerson, whose share of the acquisition is €1.23bn, or £0.91bn, said the transaction is in line with its strategy of owning and managing high-quality European assets. In addition, it said there are significant synergies with its existing UK portfolio, such as tenant overlap and a similar legal and commercial environment.Chief executive officer David Atkins said: "This agreement provides Hammerson with exposure to a significant new platform of high quality, well-let retail property as well as strategically located development opportunities in Ireland, Europe's fastest growing economy."The transaction fulfils our strategy to focus on growing a portfolio of high-quality retail destinations in prime locations, which stand to benefit from high footfall, attractive catchments and positive consumer trends. In partnership with Allianz, I believe we are well positioned to maximise the future potential of these properties and deliver consistent returns for our shareholders."