It was announced today that Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group and Universal-Investment as investment manager have completed the acquisition of Liffey Valley Shopping Centre and a 7 hectare adjacent parcel of development land.
Liffey Valley is one of Ireland’s most successful and vibrant shopping and leisure destinations with over 100 shops, restaurants and multiplex cinema and 3,500 parking spaces.
Liffey Valley was formerly owned by a consortium comprising HSBC Alternative Investments Limited (HAIL), Grosvenor Britain & Ireland and Hines. Hines will continue to act as Asset and Development Managers for the Centre following the closing of the sale.
The acquisition was made for an institutional real estate fund on the platform of Universal-Investment, administered and managed on behalf of BVK. HWBC acted as advisers to the purchasers and as the transaction managers and co-ordinators for all parties on the BVK and Universal Investment side. This is the latest of a number of acquisitions across Europe by Universal-Investment for BVK.
Commenting on the deal, Senior MD with Hines Ireland, Brian Moran said, "Hines, along with the new owners, is looking forward to continuing this work. Liffey Valley is a landmark asset which in recent years has offered considerable upside potential, thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities."
He added, "Hines is delighted to be involved in continuing growing Liffey Valley’s role as a leading employer and contributor to the local community and wider region for the long-term."
Source: www.businessworld.ie
