Davidson Kempner secures retail park portfolio for €170m

Bank of Ireland is believed to have secured figure which is above the €162 million guide

Bank of Ireland: Davidson Kempner outbid Oaktree Capital Management for the so-called National Portfolio.

Bank of Ireland: Davidson Kempner outbid Oaktree Capital Management for the so-called National Portfolio.

 

US investment group Davidson Kempner has won the race to acquire a portfolio of retail parks brought to market by Bank of Ireland.

The bank is believed to have secured more than €170 million for the so-called National Portfolio, which was above the €162 million guided by Savills and JLL.

It is understood Davidson Kempner outbid Oaktree Capital Management to secure the portfolio. Tristan Capital Partners and Benson Elliott were also finalists, according to CoStar News.

The retail parks comprised more than 1.1 million sq ft of space and the guide price equated to an initial yield of about 7.2 per cent.

The portfolio contained the Nutgrove Retail Park in Rathfarnham, the Letterkenny Retail Park in Donegal, the Sligo Retail Park, the Tullamore Retail Park in Co Offaly and the Deerpark Shopping Park in Killarney.

The annual gross income for the portfolio is €12.2 million, with Nutgrove producing €4.1 million a year.

Nutgrove and Deerpark were on sale on the instructions of receiver Simon Coyle of Mazars while the retail parks in Letterkenny, Sligo and Tullamore were marketed on the instructions of receivers Kieran Wallace and Patrick Horkan of KMPG.