Bank of Ireland has supported Patron Capital Partners in its recent acquisition of Blackpool Shopping Centre and Retail Park in North Cork.
In a move that is envisaged to be a major win for the local community of North Cork, Bank of Ireland has part-funded the acquisition of Blackpool Shopping Centre by private equity firm Patron Capital Partners via its value-add focused Fund VII.
Located 2km north of Cork city, the shopping centre and retail park comprises 390,000 sq ft of retail, office and community space as well as an adjoining Dunnes Store Supermarket.
“Their exciting asset enhancement strategy, in partnership with Lugus Capital, will benefit the North County Cork community and beyond”
An estimated 40% of Cork city’s population is within its catchment area.
A compelling opportunity
The community-focused scheme boasts a high occupancy rate and is home to more than 50 tenants including Aldi, McDonalds and Sports Direct with new leases signed by JD Sports and furniture firm Jysk.
Bank of Ireland worked with Patron Capital Partners on a similar transaction that involved the acquisition of Northside Shopping Centre in Coolock in late 2014.
John Feeney, Head of Property, Project and Asset Backed Finance said: “Bank of Ireland is delighted to support Patron Capital Partners in the acquisition of Blackpool Shopping Centre and Retail Park.
“We have supported both this property and Patron Capital Partners for many years. Their exciting asset enhancement strategy, in partnership with Lugus Capital, will benefit the North County Cork community and beyond.”
It is understood Patron’s business plan centres on enhancing the sustainability of the shopping centre and retail park for the long term which will greatly benefit the local community.
“This was a compelling opportunity to leverage our track record in retail property, including our previous ownership of the Northside Shopping Centre in Dublin, and acquire a well-located asset,” Stephen Green, Senior Partner, Patron Capital Partners said.
“We look forward to working with Lugus Capital to execute our strategy for this asset and continue to see further opportunities to deploy Fund VII capital across Europe.
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