Madison International Realty has bought a 35.4% stake in St Stephen’s Green shopping centre, Dublin, for £43.78m.
Irish Life Assurance sold the stake, retaining a 37.6% holding in the shopping centre. The remaining share is owned by a private investor.
The 250,000 sq ft three-story shopping centre in the centre of Dublin’s Grafton Street retail corridor includes tenants TK Maxx and Dunnes Stores.
Alex Lukesch, director of European Investment at Madison, said: “The acquisition of St Stephen’s Green is illustrative not only of our confidence in the improving Dublin retail market, but also in the potential to add value by working together with Irish Life in repositioning the centre.”
“This transaction is a good fit demonstrating our strategy of allowing global real estate investors to partially monetize the value of their ownership stakes in prime properties and portfolios”.
