Six provincial shopping centres are to be offered for sale in one lot at over €115 million. The shopping centres in the Cornerstone Portfolio include Athlone Town Centre, an important stake in MacDonagh Junction shopping centre in Kilkenny, as well as Gorey Shopping Centre in Wexford, Tipp Town Centre in Tipperary, Westside Shopping Centre in Galway and Orwell Shopping Centre in Dublin.
The Athlone shopping centre, which accounts for 60% of the portfolio, was valued at €300 million before the recession, but is now expected to sell for just over €61 million, with a further €13 million likely to come from the apartment complex beside it.
The shopping centres are anchored around a range of retailers, including supermarket brands. Orwell Shopping Centre is home to a Supervalu, while Gorey, Tipp Town, Westside and MacDonagh Junction all include Dunnes Stores branches.
John Moran from agents JLL is marketing the centres for Paul McCann and Stephen Tennant of Grant Thornton, who were appointed receivers by AIB.
© 2015 - Checkout Magazine by Jenny Whelan
