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Case Study

Blanchardstown Centre, Dublin

Vendor:            Green Property
 
Purchaser:        Blackstone
 
Rentable area: 112,000 m2 (approximately)

Price:                 €950 million

In December 2015 JLL were appointed to sell Blanchardstown Centre on behalf of Green Property. Confidentiality at the start of the process was paramount, and JLL achieved this on behalf of our client until all pre-marketing due diligence preparation was complete and the marketing process was ready to be launched.  

JLL successfully sold Blanchardstown Centre in 2016 on behalf of Green Property to Blackstone for approximately €950 million after a truly international sales campaign reaching all corners of the globe, with the aid of our colleagues across the international JLL network. 

Blanchardstown Centre, categorised as a Major Town Centre, is Ireland’s largest shopping and leisure destination extending to 1.2 million sq. ft. (112,000 sq. m) over 85 acres. The existing scheme has 176 stores which includes 20 restaurants / food outlets, two retail parks, and a multiplex cinema. Anchored by Debenhams, Dunnes Stores, Marks & Spencer and, Penneys (Primark), Blanchardstown Centre attracts an annual footfall in excess of 16 million per annum, which is exceptionally strong by European standards. The Asset is home to leading international brands such as H & M, Topshop, Zara, Bershka and Superdry. The scheme also benefits from planning consent for a 272,000 sq. ft. (25,300 sq. m) extension to the main shopping centre including a major store over three floors, 17 internal retail units, 8 external retail / restaurant units and a food court over two storeys. The current rent roll is close to €50 million per annum.  
 
Blanchardstown will benefit from a recent upsurge in tenant demand for prime retail space, increased consumer spending and Ireland’s strong economy being Europe’s fastest growing economy for three consecutive years (2014, 2015 & 2016(f)). JLL Dublin has retained its position as letting agent for Blanchardstown Centre on behalf of Blackstone.  

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