NAMA has launched the sale of the Parks portfolio, comprised of five retail parks throughout Ireland, through investment sales agents CBRE and DTZ Sherry FitzGerald with a guide price of €110m.
CoStar News first ran a story on the Parks portfolio on 19 June.
Approximately 60% of the value of the Parks portfolio, or €66m based on the guide price, is derived from the sale of a significant part of Carrickmines Retail Park known as Phase 1, The Park.
The four other assets are:
- M1 Retail Park in Drogheda;
- Lakepoint in Mullingar;
- Poppyfield Retail Park in Clonmel; and
- Four Lakes Retail Park in Carlow.
Based on the €110m guide price, and an annual portfolio rent roll of just under €9.4m, the net initial yield would be 8.4%.
In a statement issued this morning, CBRE wrote that the Parks portfolio is expected to draw interest from private equity firms and, given the yield compression experienced in the Dublin office market, also REITs and funds drawn by the portfoli’s asset management opportunities.
The Park in Carrickmines is south Dublin’s premier retail park. Phase 1 of the Park offers 203,170 sq ft of retail warehouse space and benefits from key tenants such as Woodies, PC World, Next and Halfords. The scheme generates a rental income of approx. €4.4m per annum and has a low vacancy rate of 7.6%.
Phase 2, which is not included in the sale, also includes a strong tenant line up to include household names such as TK Maxx, Heaton’s, Mothercare