Blackstone Group LP has been chosen as the lead bidder for Ireland’s largest mall and leisure destination, according to two people familiar with the sale.
The Blanchardstown Centre project is set to fetch about 1 billion euros ($1.1 billion), according to one of the people, who asked not to be identified as the process is private. The property, which includes about 176 stores and measures 112,000 square meters (1.2 million square feet), is being sold by Dublin-based real estate investor Green Property Group.
International investors are vying to snap up Irish real estate, in a bid to tap into one of the fastest-growing economies in Europe. The economy is set to expand by almost 5 percent this year, the nation’s finance ministry said on Tuesday.
Spokesmen for Blackstone and Green declined to comment on the sale.
The investment currently earns an annual rent of about 50 million euros a year, according to a January statement by Green Property. The new owner will be able to add as many as 600 homes to the project as well as stores, offices and leisure facilities at the 85-acre (34-hectare) plot subject to planning approval, Green said in the statement. Eastdil Secured LLC and Jones Lang LaSalle Inc. brokered the sale.