Blanchardstown SC sale was Ireland’s biggest-ever
The €945m sale of Blanchardstown Shopping Centre to US investment giant Blackstone earlier this year was the biggest single property deal ever done in Ireland, according to new research
1 September 2016 | 0
The sale of Blanchardstown Shopping Centre to US investment giant Blackstone for €945m earlier this year was the single most expensive property deal ever done in Ireland, according to research by BNP Paribas Real Estate.
In an analysis of the Irish commercial property between April and June of this year, BNP Paribas found an stronger than €2.1bn. This is the strongest performance in any single quarter in the country’s history, three times higher than the same period in 2015 and almost three times that of Q2 2014
The strong demand has continued in Q3, illustrated by the sale of One Spencer Dock for €240m and Dublin 2 office Project Kells for €93m. Every quarter since q1 2014 has seen just over €400m invested in office assets; Q2 2016 saw double that invested, with one deal making up 25% of turnover.
“Q2 2016 was a landmark period for the Irish commercial property sector,” says Joan Henry, head of research at BNP Paribas Real Estate. “If turnover reaches the forecasted €3.5bn for 2016, the ten year average will have increased significantly to €1.7bn, compared to €1bn in 2013.”