British firm takes control of Dundrum Town Centre

It will also acquire a number of other key Dublin retail locations

British firm takes control of Dundrum Town Centre

Shoppers at Dundrum Town Centre in Dublin, on the first day it opened it doors in 2005 | Image:

Hammerson, British investment and commercial property development company, has taken ownership of Dundrum Town Centre - in a partnership with Germany's Allianz Real Estate.

It has secured loans against Dundrum retail assets from the National Asset Management Agency (NAMA) for €1.85bn.

These assets were part of NAMA’s Project Jewel portfolio - Hammerson and Allianz were picked as the preferred bidder for the loans in September of last year.

The loans were connected to property developer Joe O'Reilly's Chartered Land.

Hammerson and Allianz will also acquire the Pavilions shopping centre and the Ilac Centre in Dublin city centre if the transaction is approved.

The UK firm has already invested in the Kildare Village outlet centre and a partnership with Abbey Retail Park in Belfast.

Joe O’Reilly, executive chairman of Chartered Land said, "We are very pleased that this transaction has concluded successfully.

"I am confident that Hammerson and Allianz Real Estate will continue to invest in, and develop, these assets in the coming years, building on the strong Chartered Land legacy."