IPUT to buy Carrickmines RP as part of €157m portfolio deal with Marathon
IPUT property fund is to take over ownership of Carrickmines Retail Park in south Dublin as part of a successful tender by the New York-based Marathon Asset Management for the Irish retail parks portfolio. IPUT offered around €78 million for just the Carrickmines retail Park in the first round of bidding but Nama thought it should not be sold on its own but rather as part of the Parks Portfolio which also included four lesser-known parks in Drogheda, Mullingar, Clonmel and Carlow.
IPUT then joined forces with New York-based Marathon Asset Management who had survived the first round after pitching for the entire portfolio – a final bid of approximately €157 million for all five parks – €47 million above the guide price.
Carrickmines Retail Park is currently producing a rental income of €4.4 million which will rise by another €300,000-plus if, as expected, a leading furniture retailer rents a vacant building on site extending to 974 sq.m (10,500 sq.ft). Woodies DIY and garden centre is the anchor tenant paying a rent of €1.8 million for 6,038 sq.m (65,000 sq.ft).
