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Case Study

National Portfolio

Vendor:           Bank of Ireland

Purchaser:       Davidson Kempner

Rentable area: approx. 1.1 million sq ft

Price:                €177 million

JLL were engaged by Bank of Ireland to dispose of 5 retail parks across Ireland.  Over the prior three years JLL had been asset managers over 3 of the retail parks to improve value, liquidity and rent. The portfolio included 94 retail and commercial units with a total floor area of approximately 1.1 million sq.ft. The properties included Nutgrove Retail Park, Letterkenny Retail Park, Sligo Retail Park, Tullamore Retail Park and Deerpark Shopping Park.

In June 2015 the portfolio was launched to the market with a total guide price in excess of €162 million.  A detailed high profile marketing campaign was devised with the portfolio being offered in two lots. Full financial review, legal due diligence, website, brochure, measurement surveys and compliance due diligence was undertaken prior to going to market. The marketing campaign included a light touch phase 1 process and a more detailed phase 2 process.

Following a successful and highly competitive marketing campaign the entire portfolio was acquired in November 2015 by US investor Davidson Kempner for over €177 million.

The price achieved was significantly in excess of the guide price and this sale demonstrates JLL's ability to successfully prepare, market and dispose of a complex multi-asset portfolio spread throughout the country. 

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