€130m for Nama Acorn Portfolio
Joint agents Bannon and JLL have been appointed to handle the first single lot sale of a NAMA shopping portfolio comprising Blackpool Shopping Centre and Retail Park in Cork, Millfields, Balbriggan, Co Dublin and The Showgrounds, Clonmel, Co Tipperary, at a guide price of more than €130 million. At that valuation, the portfolio will show an initial yield of about 9.6 per cent. Stephen Tennant of Grant Thornton is to oversee the sale of the Acorn Portfolio just as the real estate market is experiencing a tangible turnaround with overall returns at 7.2 per cent in the first three months of this year, marking the best performance since 2006.
The three centres are producing a rent roll of €13 million after allowing for rent abatements. About 75 per cent of the overall space of 62,705sq m (675,000sq ft) is let to institutional-type traders on leases which have an average of 11 years to run. David Carroll of Bannon expects considerable interest in the portfolio given it offers investors an immediate exposure to the Irish domestic recovery story underpinned by regionally diverse assets.
For more information please contact Rod Nowlan, David Carroll, or Neil Bannon of Bannon
