Property giant Hammerson has sold £69m (€60.4m) of multiple holdings in central Dublin and acquired the remaining 50% of the city’s Ilac Shopping Centre to secure full ownership.
The central Dublin holdings were sold to Transport Infrastructure Ireland to unlock key infrastructure for the city’s planned Metrolink train system.
The acquired site spans approximately 200 metres along O’Connell Street. MetroLink will include a station at O’Connell Street, designed to integrate with Luas and bus services.
Hammerson said it has retained certain holdings in Dublin which provide strategic options across development, partnerships and future value realisation.
The UK company said, in addition to the disposal of land in Leeds in January, total non-core divestment so far in this year is £75m (€66m), which it said represents a substantial premium to book value.
“Proceeds continue to be deployed in line with Hammerson’s capital allocation priorities, including balance sheet strength and recycling into existing assets and new opportunities at attractive yields,” the company said in a statement.
“The Company recently completed the acquisition of the remaining 50% interest in the Ilac not already owned by Hammerson, taking full control of the landmark Dublin city centre destination.”
Rob Wilkinson, CEO of Hammerson, commented: “These transactions are further testament to our focus on driving value from development activity and non-core disposals while recycling capital into JV buyouts. In Ireland, it shows us committing to what we do best – investing in schemes that are exceptional hubs for brands and experiences that meet the needs of our customers, the community and Dublin at large.”
Michael Flynn, MetroLink’s Interim Programme Director said securing the site brings a unique opportunity for MetroLink to work with its partners to unlock a key location, improve connectivity and help deliver a more accessible and sustainable city for all.
“Securing the site is about much more than delivering MetroLink. It is an opportunity to reshape the heart of Dublin and ensure the city centre thrives for generations to come,” he said.
