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Case Study

Project Jewel

Vendor:            Nama and Chartered Land
 
Purchaser:        Allianz & Hammerson PLC
 
JLL Role:           Investment acquisition Q4 2015
 
Rentable area:   1,500,000 sq. ft. retail space (approximately)

 
​Price:                  €1.85 billion (approximately) 

 
Properties:  

 
- Dundrum Town Centre 
- ILAC Shopping Centre (50%)
- Swords Pavillions Shopping Centre (50%)
- Dundrum Phase II Site (6.04 acres)
- Dublin Central Development Site (5.36 acres)

 

 
Project Jewel represents the largest sale from NAMA to date and the largest single investment transaction to date in Ireland. The portfolio included loans relating to Dundrum Town Centre, 50% of the Ilac Shopping Centre, 50% of the Swords Pavillions Shopping Centre, the Dundrum Phase II Development Site and the Dublin Central Development Site off Henry Street. In acquiring the Project Jewel loan portfolio from NAMA, Allianz and Hammerson PLC outbid three under bidders in a highly competitive and complex deal. JLL were the lead advisors to Allianz in the €1.85bn 50:50 joint venture which reflected a 28% discount on the gross liabilities on the €2.57bn Project Jewel NPL. This transaction and the international attention it has commanded is testament to the quality of the assets that underlie the loan sale and the confidence international investors have in the Irish economy.

 
A multi-disciplinary team from JLL’s Irish Capital Markets team worked alongside EMEA Retail Capital Markets to deliver the transaction combining both capital markets and corporate finance skills to ensure the bid’s success. 

 

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