LONDON (dpa-AFX) - Real estate firm Hammerson Plc (HMSO.L) Friday announced that the company, together with its joint venture partner Allianz Real Estate, has successfully secured the ownership of Dundrum Town Centre, Ireland's pre-eminent shopping and leisure centre, following consensual borrower agreements.
Hammerson and Allianz acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for 1.85 billion euros or 1.53 billion pounds), a discount to the face value of the loans.
In accordance with its original objectives, Hammerson has achieved a consensual agreement with the borrowers to transfer the underlying properties delivering immediate ownership of Dundrum, the Dublin Central development site and land adjoining the Pavilions shopping centre, Swords.
Hammerson and Allianz will take over direction of the Ilac Centre, Dublin and the Pavilions shopping centre, Swords pending a pre-emption process with the co-owners and regulatory approvals. On completion, Hammerson's total consideration for its share of the portfolio, including fees, taxes and transaction costs, will be 1.23 billion euros or 1.01 billion pounds, in line with expectations at the time of acquiring the loans.
Copyright RTT News/dpa-AFX