Hammerson has paid £1bn to take control of Dundrum Town Centre, Ireland’s biggest shopping centre, in a deal the property developer said was attractive amid the uncertainty engulfing the UK after the vote to leave the EU. They have now taken control of Dundrum Town Centre and the other properties used to secure the loans. This is the first move into the Dublin shopping market for Hammerson, one of the UK’s largest commercial real estate companies. Hammerson’s decision highlights the turnaround in Ireland’s economy, which has revived strongly since the country was bailed out in 2010 after the financial crisis, becoming Europe’s fastest growing economy last year. Hammerson has bought the other properties, including three smaller Dublin shopping centres, from Allianz.

Source: The Guardian July 08, 2016 08:48 UTC