Athlone’s Golden Island shopping centre has been sold by Tesco to Swiss bank Credit Suisse for a sum of €43.5 million.
Tesco announced its intention to sell the shopping centre last summer. The supermarket chain will remain the main anchor in the centre, along with Penneys. Other major occupiers in the centre include Boots, Argos, Lifestyle Sports, Elverys, Holland & Barrett, Specsavers, and Dealz.
The six-screen IMC cinema is also part of the sale.
Now 20 years old, Golden Island shopping centre produces an annual rental income of €3.1 million. It was developed in 1996 by Owen O’Callaghan, Michael Tiernan, and Tom Diskin, and was sold to Tesco 10 years ago for €52 million.
The centre has 45 retailers and a retail floor area of 14,306 sq m, as well as a 1,000-space car park.
Francisca Farina Fischer of Credit Suisse Real Estate Investment Management said the bank was delighted with the acquisition which, along with two other office investments, showed its commitment to Ireland and its belief in the recovery of the Irish retail market. “The importance of Tesco as one of the main anchors was key to the deal,” she said.