Bahrain investment firm snaps up Letterkenny Retail Park
Investcorp, founded in Bahrain in 1982 and with $50 billion of assets, has acquired the Letterkenny Retail Park as part of the firm's entry into Ireland, also adding Deerpark Retail Park in Killarney to its portfolio
An investment firm founded in Bahrain has purchased the Letterkenny Retail Park.
Investcorp, described as a 'global manager of alternative investment products, for private and institutional clients' has purchased the 263,000 square feet of accomnodation in Letterkenny.
Investcorp was founded in Bahrain in 1982 and has over $50 billion of assets.
The firm has offices across the world in the US, the UK, China, Japan, India and the gulf states.
Two prpoerties in Ireland - Letterkenny Retail Park and Deerpark Retail Park in Killarney - were acquired in a single transaction.
The financial terms of the deal have not been disclosed.
The Letterkenny purchase sees the firm acquire a fully-leased portfolio of some 34 tenants, including TK Maxx, Homebase, Home Store and More, Boots and JD Sports.
“This acquisition marks an expansion of our already growing real estate business in Europe, both into a new vertical of retail warehouse, but also our first transaction in Ireland,” said Neil Hasson, head of Investcorp European Real Estate.
“Retail continues to create attractive investment opportunities with strong return potential for investors and supports local economies and communities.”
The Letterkenny and Killarney additions go alongside the Investcorp European portfolio with 10 office properties across Germany, the Netherlands, Belgium, Italy and the UK as well as 34 industrial assets and more than 1,250 student beds in the UK.