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Värde Partners wins NAMA’s Acorn portfolio for over €170m

Värde Partners outbid a joint venture of Burlington Real Estate, the reborn management team from Treasury Holdings, and US hedge fund Davidson Kempner to acquire the Acorn portfolio from NAMA for more than €170m, 30% above the initial asking price.

The Acorn portfolio is comprised of three provincial Irish shopping centres, delivering €13.18m of rent from 120 tenants.

The assets are:

  • The Blackpool Shopping Centre and Blackpool Retail Park in Cork
  • The Millfield Shopping Centre in Balbriggan, Dublin
  • The Showgrounds Shopping Centre in Clonmel, County Tipperary

The Irish shopping centre market has been dormant for six years, with the only post-crisis sale of the 72.8% stake in Liffey Valley sold by Aviva Investors to HSBC Alternative Investments Limited (HAIL) and Hines for €252m. However, Liffey Valley is a stabilised Dublin shopping centre, compared to the Acorn assets’ more provincial locations.

Bannon and Jones Lang LaSalle were selling agents for the Acorn portfolio on NAMA’s behalf.

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