The Marshes
US-based property investment group Kennedy Wilson announced yesterday that it had agreed to acquire the Elliott loan portfolio and the Marshes Shopping Centre in Dundalk for a combined €120 million.
It is believed that the Marshes was bought for around €45m.
The centre, which has been trading since 2005, had been funded by Ulster Bank, a member of the Royal Bank of Scotland Group, which is campaigning to have loans repaid as part of its drive to reduce its exposure to the property market.
The Marshes is a highly successful centre with Dunnes Stores and Penneys as anchor tenants among the traders.
The complex extends to 25,172sq m (270,961sq ft) and has an overall rental income of €3.85 million. Other traders include Eason, Dorothy Perkins, Lifestyle Sports, McArdle Meats, Mothercare, River Island and Peter Mark.
It also has planning permission for a cinema complex.
Kennedy Wilson was part of a joint venture company which also acquired Stillorgan shopping centre in Dublin and Merchant’s Quay in Cork last summer as part of the Opera portfolio for €306 million.
The loans associated with former Cavan-based construction group P Elliott are secured against a portfolio of 13 real estate assets, comprising primarily offices, industrial, retail and residential properties for €75 million.
These assets form part of RBS Capital Resolution, which is responsible for disposing of Ulster Bank’s non-core assets.
Talk of the Town 