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Bank of Ireland’s National portfolio to trade above €162m after four bids came in yesterday

DownloadBank of Ireland received four second round bids yesterday afternoon for the National Portfolio, a five-strong Irish regional retail parks portfolio.

CoStar News understands the four bids submitted yesterday were:

  • Tristan Capital Partners, in a joint venture with Pradera, the specialist retail real estate fund and asset manager;
  • Davidson Kempner, alongside minority asset management partner Alanis Capital;
  • Oaktree Capital Management; and
  • Benson Elliott.

Savills and JLL have been jointly instructed by receivers KPMG and Mazards, for different retails parks, to sell the 1.1m sq ft National portfolio, on behalf of Bank of Ireland.

The National portfolio is now expected to trade above its €162m guide price, would reflect a sub 7.2% net initial yield. Receivers are expected to select a preferred winner or winners early next week.

Bidders were able to submit offers for either lot or the entire portfolio.

The National portfolio comprises:

£Lot 1: the 195,000 sq ft Nutgrove Retail Park in Rathfarnham, South Dublin, carries a guide price in excess of €62m, which equates to an initial yield of approximately 6.33%.

£Lot 2: the 380,000 sq ft Letterkenny Retail Park, the 260,000 sq ft Sligo Retail Park, the 170,000 sq ft Tullamore Retail Park and the 140,000 sq ft Deerpark Shopping Park in Killarney. The guide price for the four regional schemes is excess of €100m which equates to a net initial yield of approximately 7.78%.

£Lot 3: the entire portfolio.

The current annual gross income across the entire portfolio is approximately €12.2m per annum and offers an attractive WAULT of approximately 10 years.

The National portfolio’s split into two lots reflects the assets respective profile: Nutgrove is the institutional, stabilised asset, while the four retail parks in lot 2 all carry varying degrees of value add opportunities.

For a fuller story on the portfolio, please see the previous report by CoStar News here.

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