Nama is selling a prime retail centre in Galway, Ireland, for almost half its original cost. The Edward Square retail complex, developed 12 years ago at a cost of more than €50m (£40.5m), is now on the market for €27m, according to the Galway City Tribune.
The complex, comprising six retail units, is being sold off in conjunction with developer Gerry Barrett, and Nama may provide a loan of 70% loan to value to the buyer.
This will be Nama’s largest investment sale outside Dublin.
Tenants include Oasis, Topshop and Next. Nama is understood to be selling 40 overhead apartments at the complex separately.
DTZ Sherry FitzGerald, which is handing the sale, said: “The property is likely to continue to generate strong interest given the prime location and the fact similar modern retail units are in such short supply in Galway city, where a significant number of retailers are searching for suitable space.”
sophia.furber@estatesgazette.com
