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Deals & Dealmakers

Madison International buys $66M stake in Ireland shopping center

Private Equity firm Madison International Realty has acquired a 35.4 percent stake in St. Stephen’s Green Shopping Centre, Dublin, from Irish Life Assurance plc for $66 million.

Following the transaction, Irish Life will retain a 37.6 percent holding in the shopping center, with the balance continuing to be held by a private third party investor.

Originally built in 1988, St Stephen’s Green is located in the heart of the city’s retail district at the top of Dublin’s well-known Grafton Street retail corridor.

The 250,000 s/f three-story shopping center boasts a strong tenant mix of local and international retail brands including TK Maxx and Dunnes Stores. The shopping center also includes a 1,200-space car park, the largest in the city.

According to Madison International Realty, a  number of value and performance enhancing asset management initiatives have already been identified that will further improve St. Stephen’s Green’s offering and allow it to capitalize on both its location and strong tenant mix, combined with the positive dynamics of the Dublin retail market.

“The acquisition of St Stephen’s Green is illustrative not only of our confidence in the improving Dublin retail market, but also in the potential to add value by working together with Irish Life in repositioning the center,”  said Alex Lukesch, director of European Investment at Madison.

“This transaction is a good fit demonstrating our strategy of allowing global real estate investors to partially monetize the value of their ownership stakes in prime properties and portfolios.“ Lukesch.

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