A fund advised by Meyer Bergman, the real estate investment manager, has completed €110 million of purchases of high street buildings and retail units in Dublin’s principal city centre shopping district in two separate transactions. Meyer Bergman European Retail Partners III owns the majority share and has partnered with BCP Private Equity and BCP International Property Fund, funds advised by BCP Asset Management.
The partners have acquired properties on two corners of the Nassau Street junction with Dawson Street, which is opposite Trinity College and parallel to Dublin’s principal shopping destination, Grafton Street.
Marcus Meijer, Meyer Bergman’s Chief Executive Officer, said: “Retailers are struggling to find stores in downtown Dublin with enough space for their new formats, so we aim to reposition these properties through extensions, re-development and refurbishment. This well-located retail destination will benefit hugely from the increased footfall from the new Luas Cross City tramline, which opens next year. We are actively looking for more opportunities like these to invest in this area.”
The two transactions are:
Completion of the purchase announced in December 2015 of a block of three High Street properties from Aviva Investors. The 1970s buildings provide 101,200 sq.ft. of retail and office space and 125 parking spaces.
The ground floor and basement units of Morrison Chambers, a Dublin landmark, from Ardstone Capital, consisting 11,500 sq. ft. of retail space is currently occupied by tenants that include Costa Coffee, wholefood specialist KC Peaches and tweed outfitters Kevin & Howlin. The upper floors of Morrison Chambers are not included in the purchase.
The Dublin acquisitions are the fifth to seed the latest fund managed by Meyer Bergman, MBERP III. Its other assets include a portfolio of high street shops and department stores in central Oslo, a portfolio of retail properties across France, and a development site in London’s Kensington neighbourhood.
Marcus Meijer, Meyer Bergman’s Chief Executive Officer