Three Irish shopping centres are about to go up for sale as the market heats-up. Lloyds is preparing to sell the Douglas Court shopping centre in Cork, the Bloomfield shopping centre in Dun Laoghaire, and part of the Eyre Square centre in Galway.
Lloyds was responsible for financing the properties during the boom but is now seeking to off-load its “non-core” assets which includes most of the property it controls in Ireland. A final sale date has not been set, but the properties are expected to be put on the market before the end of next month.
The bank will probably have to offer the centres at a significant discount to the original value of the loans if it wishes to find a buyer for the properties quickly.
The future shopping centres’ sale is the latest deal involving major retail properties.
The National Asset Management Agency has put Blackpool Shopping Centre and Blackpool Retail Park in Cork, The Showgrounds Shopping Centre in Clonmel, County Tipperary, and Millfield Shopping Centre in Balbriggan, Dublin up for sale. This group of properties, known as the “Acorn Portfolio,” is expected to fetch more than €130m.
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