Development Securities PLC Acquisition of two investment assets in Dublin (5661P)
June 09 2015 - 2:00AM
UK Regulatory
TIDMDSC
RNS Number : 5661P
Development Securities PLC
09 June 2015
9th June 2015
Development Securities acquires two investment assets in Dublin
for EUR12.8 million
Development Securities today announces the acquisition of two
retail investment assets, Nutgrove Retail Centre and Beacon South
Quarter, in suburban Dublin for EUR12.8 million, a net initial
yield of 6.72%. The properties have been acquired in a 50:50 joint
venture with Clarendon Properties, an investment vehicle owned by
Tony Leonard and Patrick McKillen.
Located in Rathfarnham, an established residential suburb of
South Dublin, Nutgrove Retail Centre is a popular retail warehouse
scheme comprising 45,000 sq. ft. of accommodation, with key tenants
including Petworld and Home Store & More. The current occupancy
rate stands at 80.7% with the opportunity to add value by letting
the remaining vacant unit within the centre. The weighted unexpired
lease term is 7.5 years.
Beacon South Quarter is a mixed-use development comprising
retail, restaurant, residential and office space located in one of
south Dublin's most affluent residential and commercial suburbs.
The joint venture partners have acquired the long leasehold in
respect of 8 self-contained retail units within the wider scheme,
which are let to a number of national and local occupiers including
BoConcept, Your Local Pharmacy and Roche Bobois. The occupancy rate
across the 8 units is 86% and there are a number of asset
management opportunities to improve the retail offer and tenant
mix.
Matthew Weiner, Executive Director, Development Securities said:
"This is the latest in a number of acquisitions that we have made
in Dublin, an important market for us in which we see further
opportunities for development, trading and investment activity.
Both of the investment assets acquired today are well-located,
established retail destinations that offer the potential to enhance
value through proactive asset management. We are pleased to be in
joint venture with experienced partners and together we look
forward to improving the quality and experience of these retail
locations."
Tony Leonard, Managing Director, Clarendon Properties said "We
are delighted to be teaming up with an experienced and active
development partner. With our local retail and office expertise, we
anticipate that this will lead to further joint venture
transactions in Ireland."
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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