Liffey Valley sale ‘close’
Published: 06 October, 2010
The Irish Times is reporting that Morley and Grosvenor are close to finding a buyer for their Liffey Valley shopping centre in west Dublin
The paper claims FC Reit Asset Management and Area Property Partners are due to pay in the region of €350m for the 46,400-sq m mall and an adjacent development site.
Such a price would reflect a yield of 9.45 per cent and would underline the dramatic slump in Irish property values over the past two years. In July, 2008, the vendors invited offers of between €300m and €400m for a 50 per cent stake in the mall.
And since then South Dublin County Council has granted planning permission for a 62,000-sq m mixed-use extension to Liffey Valley including a Tesco supermarket, two department stores and 60 retail units, as well as two new car parks.
Savills and DTZ Sherry FitzGerald are advising the vendors.
