Purchase of €68m Frascati Shopping Centre completed

Invesco Real Estate has completed the purchase of the centre in Blackrock

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.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times