AM Alpha snaps up Nutgrove Retail Park
26 October 2021 | 0
An off-market deal has seen Munich-based investor AM Alpha acquire Dublin’s Nutgrove Retail Park, featuring Aldi, Harvey Norman and Homebase outlets.
Although the sale terms were not disclosed, it’s understood that AM Alpha paid upwards of €65 million for the retail park.
The move represents the family office investor’s second major deal in Dublin this year. In March, it paid more than €95 million for a new prime office building in Dublin’s south docklands.
Only five minutes from Dundrum Town Centre and the M50, located in south Dublin’s Rathfarnham suburb, the retail park which is adjacent to the Nutgrove Shopping Centre, is just 8.5 km from the city centre. Comprising around 197,700sq ft of mostly retail space, the park is fully let to retail tenants, as well as the HSE for a public care centre.
“This transaction is a perfect example of how we are implementing our goal of delivering sustainable value to our long-term investors,” said AM Alpha MD Martin Lemke. “As we are very convinced of its further potential and future growth, Ireland will continue to be a main focus for us and we will actively seek core and value-oriented investments across all sectors.”
Previously, in 2015, US investment fund Davidson Kempner bought Nutgrove Retail Park as part of a portfolio deal, known as the National Portfolio, with a combined value of some €170 million. Back then, the agents put a value of €62 million on Nutgrove. Other retail parks in the transaction included Letterkenny Retail Park, in Co Donegal, the Sligo Retail Park, the Tullamore Retail Park in Co Offaly, and the Deerpark Shopping Park in Killarney, Co Kerry.
CBRE brokered the off-market deal, and law firms A&L Goodbody and Luther, alongside commercial property advisor TWM advised AM Alpha on the transaction.