Purchase of €68m Frascati Shopping Centre completed

Invesco Real Estate, the global property investment manager, has completed the purchase of the Frascati Shopping Centre in Blackrock, Co Dublin, for a figure slightly over €68 million.

The company said yesterday it had formed a partnership with the John Bruder-led Burlington Real Estate to redevelop the centre and provide an additional 6,317sq m (68,000sq ft) of shopping facilities which will bring the overall space up to 15,793sq m (170,000sq ft).

Frascati is currently producing a rental income of €3.8 million. The centre was developed and owned by the Roche family of Roches Stores which sold its business to Debenhams in 2006.