Limerick shopping centre sold
THE PARKWAY Shopping Centre in Limerick has been sold to investors.
Davy Real Estate has completed a €74 million acquisition of six regional shopping centres throughout Ireland, including the Parkway.
It has been confirmed to the Limerick Leader, that the sale of the Parkway will not affect retailers or the management company.
A precise price for the Parkway has not been disclosed, only that it was acquired as part of the multi-million euro deal.
The Parkway Shopping Centre is located on the Dublin road just outside Limerick city.
The centre is anchored by Dunnes Stores and comprises 135,000 sq. ft. over a single level with 30 stores and more than 700 free car parking spaces.
The Hexagon Portfolio comprises the Parkway Shopping Centre, Letterkenny Shopping Centre, the Longwalk Centre in Dundalk, Galway Shopping Centre, Laois Shopping Centre and Donaghmede Shopping Centre in Dublin.
The shopping centres were built and owned by developer Pat Doherty’s Harcourt Developments and bought by Davy after two prospective buyers walked away from the sale, reports the Irish Times.
Camgill Development Corporation and Lugus Capital both backed out of their respective negotiations to buy the centres.
The final sale price of €74 million is a 26% discount on the original €100 million price which had been guided by agent JLL when the portfolio was originally put on the market.
In 2016, Irish Life acquired the Childers Road retail park nearby for €46 million. The sale was handled by HWBC and DTZ Sherry Fitzgerald.
The following year, the Parkway Retail Park was sold for €24.3m by Green Reit.