Goldman Sachs Agrees to Sell Ireland's Largest Shopping Mall
Strategic Value Partners to Acquire Blanchardstown Centre for Less Than Acquisition Price
Goldman Sachs Group Inc. has agreed to sell Ireland's largest shopping mall, the Blanchardstown Centre, to Strategic Value Partners (SVP) for a price below what it paid for the property just over two years ago.
The sale comes as the value of shopping malls has plummeted in recent years due to the rise of online shopping and the COVID-19 pandemic.
Goldman Sachs acquired the Blanchardstown Centre in 2020 for approximately €1.2 billion (US$1.3 billion). It is now expected to sell the mall to SVP for between €650 million and €725 million (US$700 million to US$780 million).
Reasons for the Sale
- Decline in the value of shopping malls
- Impact of online shopping and COVID-19 pandemic
Strategic Value Partners
SVP is an opportunistic credit firm specializing in acquiring distressed assets.
The firm has a track record of investing in real estate, with a focus on retail properties.
Impact on the Irish Retail Market
The sale of the Blanchardstown Centre is a significant event for the Irish retail market.
It highlights the challenges facing shopping malls in the face of changing consumer behavior and the rise of e-commerce.
Sources
Bloomberg News: Goldman Agrees to Sell Ireland's Largest Shopping Mall to SVP
The Irish Times: Goldman Sachs Appoints Agents to Sell Blanchardstown Centre
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