A LOCAL shopping centre is among a portfolio of properties that have been acquired by a real estate fund.
The fund, managed by Davy Real Estate, have purchased the Parkway Shopping Centre as part of a portfolio consisting of six regional shopping centres.
In a deal that the Irish Times reports is worth €74million, the investment group have purchased the Hexagon Portfolio, built and managed by Pat Doherty’s Harcourt Developments.
As well as the Parkway, other shopping centres in the portfolio include Letterkenny Shopping Centre in County Donegal, Galway Shopping Centre, and the Laois Shopping Centre in Portlaoise.
The deal was done after two earlier prospective investors – Cork-based Lugus Capital and Canadian-headquartered Camgill Development Corporation – walked away.
The Hexagon Portfolio had been marketed for a price of €100million. The €74million price actually paid represents a 26 per cent discount.
A separate investment saw Davy acquire the Marshes Shopping Centre in Dundalk in a deal worth €29.5million.
The two investments, totalling €103million, comes after the group spent €9.75million on Eyre Square Shopping Centre in Galway City.
The Davy Group employ around 800 people in their offices in Dublin, Belfast, Cork, Galway and London, and manages an estimated total of €16billion worth of assets.
