Property company Hammerson completes Project Jewel purchase

UK listed company acquires portfolio of Nama loans connected with Chartered Land

The loans were connected with Joe O’Reilly’s Chartered Land and included  Dundrum Town Centre and other  shopping centres. Photograph : Matt Kavanagh / The Irish Times

The loans were connected with Joe O’Reilly’s Chartered Land and included Dundrum Town Centre and other shopping centres. Photograph : Matt Kavanagh / The Irish Times

 

UK listed property company Hammerson said yesterday it had completed the acquisition of Project Jewel, a portfolio of loans that was held by the National Asset Management Agency.

The loans were connected with Joe O’Reilly’s Chartered Land and included the Dundrum Town Centre, the neighbouring village shopping centre, half shares in both the Ilac and Pavilions shopping centres in Dublin, and a 5.3-acre development site bounded by O’Connell Street and Moore Street in the city.

In a stock exchange announcement, Hammerson said the loans had been acquired through a 50:50 joint venture with Allianz Real Estate of Germany with a payment of €1.85 billion paid to Nama, less a 10 per cent deposit already paid upon signing.

Hammerson has signalled it will seek to reach a consensual agreement with Mr O’Reilly in relation to taking control of the underlying assets.

Allianz’s involvement will revolve around the Dundrum assets only, with Hammerson taking control of the other loans.

While the initial purchase was on an equal basis, Hammerson will ultimately pay €1.23 billion for its share of the loans.