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Alternative Investments

Liffey Valley centre draws funds from Canada, Germany

alternative-investments

The Canadian Pension Plan Investment Board, which was narrowly beaten in April in the race to buy the Blanchardstown Centre, is among parties circling the Liffey Valley Shopping Centre in west Dublin, sources said.

The source added that the centre, which was put up for sale in recent months with a €600 million price target, has also attracted Germany’s largest public pension fund, Bayerische Versorgungskammer (BVK) in Munich.

The process is closely guarded, with four to five parties involved, with a view to selecting a preferred bidder for the property by the end of September and closing a deal at the earliest after that.

A consortium led by Hines, a US-based international commercial property firm, and HSBC Alternative Investments hired real-estate investment bank Eastdil Secured in recent months to sell the shopping centre. The two firms had paid about €250 million in 2014 for a 73 per cent stake in the mall, with total floor area of 46,500sq m (500,000sq ft), buying out UK insurance giant Aviva.

Paul

The author Paul