Offers of up to €1bn expected for Blanchardstown Centre

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Offers in the region of €1bn are expected for Blanchardstown Centre this week. With three contenders remaining in the race and looking to secure the sale of the shopping centre the sellers Green Property has called for final bids.

The shopping centre opened back in 1996 and is situated on 85 acres, and includes 1.25 million square feet of retail and retail warehousing. A further 250,000sq ft is made up of offices, a cinema, theatre, apartments and a Crowne Plaza hotel.

Developer Joe O’Reilly’s Chartered Land, backed by capital from Morgan Stanley, US investment group Blackstone and Canada Pension Plan Investment Board are final bidders for the centre, where Dunnes Stores, Penneys, Debenhams and Marks & Spencer are the anchor tenants.

It was reported that there is scope for development of a further 1.6 million sq ft of retail, office, leisure facilities and apartments under a master development plan for the site with planning consent for a 272,000sq ft extension to the main centre and underground car parking has already been granted.

It is understood that Mr Vernon owns over 60 per cent of the company behind the centre, with fellow directors Jim McKenna, Mark Munro and Paul Culhane also major shareholders.

The shopping centre has claimed to generate a rent roll of almost €50 million each year with an annual footfall of 16 million.