Madison International Realty, the New York-based real estate investment manager, has purchased a 35.4 percent stake in an Irish shopping center for €61 million.
Madison acquired the stake in the St. Stephen’s Green Shopping Centre in Dublin from Irish Life Assurance which will retain a 37.6 percent holding. The balance will continue to be held by an unnamed private third party investor.
The 250,000 square foot three-story shopping center has a tenant mix of local and international retail brands including TJ Maxx and Dunnes Stores. The shopping center also includes a 1,200 space car park, the largest in the city.
“The acquisition of St Stephen’s Green is illustrative not only of our confidence in the improving Dublin retail market, but also in the potential to add value by working together with Irish Life in repositioning the center,” commented Alex Lukesch, director of European investment at Madison.
Earlier this year, Madison was a seller in Europe when, alongside Morgan Stanley, it exited the ‘iconic’ Trianon Office Tower in Frankfurt to NorthStar Realty Finance for €540 million.
Madison purchased a 56.95 percent interest in the Trianon back in 2012. Although the firm declined to disclose the purchase price at the time, PERE previously reported Madison acquired the stake for €92 million.
The firm has previously made investments in Ireland, including the New Century House office building in Dublin.