US group buys Sligo Retail Park

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A US investment firm has acquired Sligo Retail Park as part of a multi-million property deal.

DEAL: The Carraroe Retail Park has been acquired as part of a property deal for a sum understood to be in the region of €172 million.
DEAL: The Carraroe Retail Park has been acquired as part of a property deal for a sum understood to be in the region of €172 million.

The investment group, known as David Kempner, is understood to have secured the property portfolio for a sum believed to be in the region of €172 million.

The ‘National Porfolio’, as it is called by sellers Savills and JLL, has Sligo Retail Park, Letterkenny Retail Park, Tullamore Retail Park, Deerpark Shopping Centre in Letterkenny and Nutgrove Retail Park in Rathfarnham, Dublin.

The original valuation of the portfolio was €162 million and it is believed that David Kempner investment firm outbid Oaktree Capital management to secure the portfolio.

Sligo’s Retail Park is seen as a solid part of the portfolio with €2.05 million being raised in rent from current tenants each year.

As well as that, Homebase, which Savills describe as the ‘anchor’ of the project at Sligo Retail Park. is currently tied into a nine and half year agreement as a tenant at the Carraroe facility.

Along with Homebase, Sligo Retail Park currently has Currys, PC World, Harry Corry (www.harrycorry.com ), Smyths Toys, Homestore and More, Halfords, McDonalds, Costa and KFC with six lots remaining of the 15 warehouse units that are in the location.

The location of the retail park on the N4 Sligo to Dublin road and the easy access to Sligo City Centre was also given as a selling point for Sligo Retail Park.

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