Dunnes Stores has purchased Lucan Shopping Centre for a reported €38 million, according to The Irish Times.
The paper, citing The Sunday Times, noted that the West Dublin centre not only houses a Dunnes Stores, but also one of the retailer’s biggest rivals.
SuperValu also operates a store and some of its offices in the centre.
The Musgrave-owned retailer is the third largest in Ireland by market share, tailing market leader Dunnes and number-two group Tesco Ireland.
In April last year, before the shopping centre was on sale, SuperValu signed a 20-year lease at an annual rent of €1.6 million.
Dunnes has owned its unit in the shopping centre since the Lucan hub was first built, in the 1990s, and has operated the store there ever since.
While significant, the price of the sale is a drop from the €43 million that Savills Investment Management reportedly paid in 2017.
The group paid for the centre on behalf of its European retail fund, the report noted.
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