Liffey Valley sold for more than €630m

German pensions group BVK is the buyer...

The Liffey Valley Shopping Centre in west Dublin has been sold for more than €630 million to Germany's largest public pensions group.

Bayerische Versorgungskammer (BVK) acquired the centre, along with seven hectares of adjacent development land, from Hines, HSBC Alternative Investments and the Grosvenor Group. It had been put on the market in July, with the sale agreed in October.

The Texas-based real estate group Hines will continue to act as asset and development managers for the centre.
Liffey Valley first opened 18 years ago and today has over 100 shops and 3,500 parking spaces on over an area of over 71,000 sq m.

Hines Ireland's senior managing director Brian Moran said:

"Liffey Valley is a landmark asset, which in recent years has offered considerable upside potential thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities."

Hines and the HSBC unit purchased a 73% stake in the property from Aviva Investors for €250m in 2014.

This summer, it was given the go-ahead for a major expansion. This includes an additional 22,000 sq m retail space, a civic plaza and a 2,500-seat, Olympic-sized indoor ice arena. Penney's opened its new store at the centre earlier this month.