Blackstone has entered into exclusive talks to buy Ireland’s largest shopping destination, Blanchardstown Centre, for around €920m (£716.5m) – a circa 5.4% yield. It fought off competition from Chartered Land with Morgan Stanley Real Estate Investing and CPPIB for the 1.2m sq ft site.
The scheme has 176 shops, 20 restaurants, two retail parks and a multiplex cinema.
The current rent roll is €50m per annum and planning is already in place for a 272,000 sq ft extension. JLL and Eastdil Secured are acting for vendor Green Property Group.
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