Gorey Shopping Centre
Bannon originally advised Davidson Kempner on the acquisition of this scheme as part of a larger portfolio (The Cornerstone Portfolio) for a total consideration €121.5m back in 2015. The apportioned value of the asset was approx. €8.5m. After seven years of strong income performance, Bannon pitched Alanis/Davidson Kempner to sell the asset in 2020. Bannon’s appointment was confirmed in 2020 but only began preparing the asset for sale post Covid in early 2022.
Key to the Bannon platform for sale was the composition of the assets income which had transitioned from a fashion lead scheme to a “necessity retail” lead scheme including health, lifestyle, food and service occupiers (86% of income). Conveying the relative stability of the income, akin to grocery income, having regard to a general negative backdrop to mall income was fundamental to a strong outcome. Bannon used a marketing website, video, IM and sales data room to convey the asset attributes.
In advance of going to the public market, Bannon identified a private syndicate interested in the asset and successfully agreed a strong price which culminated in a singed completed contract in Q3 2022 at €9.35m.