Blanchardstown Shopping Centre sale named most expensive deal in history of State

Blackstone snapped it up for close to €1bn...

Blanchardstown Shopping Centre, for sale, Dublin, Green Property Group, rent, footfall, Stephen Vernon

File photo | Image: RollingNews.ie

US investment group Blackstone's acquisition of the Blanchardstown Shopping Centre in Dublin earlier this year was the single largest property deal ever done in the State, according to BNP Paribas Estate.

Blackstone, which is now the largest owner of real estate in the world, purchased the retail complex for the price of €945 million.

It is expected to eventually extend the shopping centre, with capacity to build around 148,500 sq m of additional space. It is already the biggest retail complex in the country, since opening in 1993.

The deal with seller Green Property contributed hugely to a second quarter between April and the end of June that represented "a landmark period for the Irish commercial property sector", BNP Paribas Real Estate's Joan Henry said.

Henry noted that, with over €2.1 billion of assets transacted in total, the sector had seen the "largest quarterly turnover ever".

Turnover was three times higher than that achieved in the same period last year. It was also close to three times higher than the second quarter of 2014, which had the strongest annual turnover on record.

Office investments remain the backbone of activity, with €717m of assets transacted in the quarter.

Strong demand for prime office space has continued into this quarter, with the sale of One Spencer Dock for €240m and Dublin 2 office portfolio Project Kells for €93m being just two high-profile deals done.