Built to inform

Sign up for the daily newsletters

No, Thank you

Kuwait Investment Authority eyes $2bn Irish mall

Kuwait Investment Authority is among the final three bidders for an Irish property portfolio

Kuwait Investment Authority is bidding on the $1.8bn worth Project Jewel. [Image: Arabian Business]
Kuwait Investment Authority is bidding on the $1.8bn worth Project Jewel. [Image: Arabian Business]

Kuwait Investment Authority (KIA) is among the final three bidders for an Irish property portfolio valued at an estimated $1.8bn.

Project Jewel, a loan portfolio that includes debt secured on Dundrum Town Centre, a 12 ha shopping centre in Dublin, among others, is controlled by Ireland’s National Asset Management Agency (NAMA), the government body that took over the country’s distressed real estate assets during the downturn.

The final bidders for the portfolio have all come from overseas, with KIA lodging a joint bid with US investor Hines. The two other bids have come from US firm Colony Capital and a joint bid by Germany’s Allianz Real Estate and UK property investment giant Hammerson, according to the Irish Independent newspaper.

The report claimed the sale process is expected to conclude in the coming weeks, by which stage a preferred bidder will be named.

According to Arabian Business, the sale being conducted by NAMA is for the loans secured against the shopping centres, as opposed to the centres themselves. However, by buying the loans, the successful bidder will have effective control over the properties.

The portfolio also includes a 50% stake in two other prominent shopping centres in Dublin (Ilac in city centre and Pavilion in Swords), as well as land adjacent to the Dundrum Shopping Centre that has been earmarked for its second phase of development. 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 761
Mar 21, 2020