Kennedy Wilson in pole position to buy Dundalk centre for €45m

International property investment fund Kennedy Wilson is the front runner to buy The Marshes shopping centre in Dundalk, Co Louth, for around €45 million.

The centre forms part of a portfolio of shopping centres being sold by Savills for the Abbey Group and Foyleside Group.

The centre, which has been trading for about 10 years, was funded by the Ulster Bank, a member of the Royal Bank of Scotland Group, which is campaigning to have loans repaid as part of its drive to reduce its exposure to the property market.

The Marshes is a highly successful centre with Dunnes Stores and Penneys as anchor tenants among the traders.

The complex extends to 25,172sq m (270,961sq ft) and has an overall rental income of €3.85 million. Other traders include Eason, Dorothy Perkins, Lifestyle Sports, McArdle Butchers, Mothercare and Peter Mark.

Kennedy Wilson was part of a joint venture company which also acquired Stillorgan shopping centre in Dublin and Merchants Quay in Cork last summer as part of the Opera portfolio for €306 million.