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Hammerson buys Irish mall in Allianz JV

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Hammerson buys Irish mall in Allianz JV

Hammerson Plcand partner Allianz Real Estate inked a 50/50 deal to take ownership andmanagement of the 140,000-square-meter Dundrum Town Centre mall in Dublin foran undisclosed sum.

Included in the deal is the adjoining 6-acre Dundrum Villagedevelopment site, according to a news release.

Speculation about the duo's negotiations with developerChartered Land surfaced in June. As expected,Hammerson said that it will be in charge of the mall's management.

The joint venture ownsthe loans attached to the mall and the development site, as part of its €1.85billion acquisition of the Project Jewel loan portfolio from Irish bad bankNational Asset Management Agency.

Dundrum has 120 shops, 38 restaurants and a 12-screencinema. Hammerson's share in the annual passing rent of the property, as atDec. 31, 2015, is €30.0 million.