Värde Partners wins NAMA’s Acorn portfolio for over €170m

Värde Partners has won the race to buy three provincial Irish shopping centres from NAMA for more than €170m – 30% above the initial asking price – in the first significant post-crisis price discovery for the sector.

CoStar News has learned this evening that Värde Partners outbid a joint venture of Burlington Real Estate, the reborn management team from Treasury Holdings, and US hedge fund Davidson Kempner to acquire the Acorn portfolio.

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The Acorn portfolio is comprised of three provincial Irish shopping centres, delivering €13.18m of rent from 120 tenants. The assets are:

  • the Blackpool Shopping Centre and Blackpool Retail Park in Cork;
  • the Millfield Shopping Centre in Balbriggan, Dublin; and
  • the Showgrounds Shopping Centre in Clonmel, County Tipperary.

The Irish shopping centre market has been dormant for six years, with the only post-crisis sale the 72.8% stake in Liffey Valley sold by Aviva Investors to HSBC Alternative Investments Limited (HAIL) and Hines for €252m. However, Liffey Valley is a stabilised Dublin shopping centre, compared to the Acorn assets’ more provincial locations.

The Acorn portfolio had an initial guide price of €130m – a 30% premium over the initial asking price, at least partially driven by improving future rental growth expectations.

CoStar News reports that the initial wider bidders included a joint bid by Patron Capital and O’Callaghan Properties, Kennedy Wilson Europe, IPUT and Orion Capital Managers.

Jones Lang LaSalle and Bannon were selling  agents for the Acorn portfolio on NAMA’s behalf. Source: Costar News