Hammerson, together with its joint venture partner Allianz Real Estate, announce that the Project Jewel transaction has been awarded Deal of the Decade in the Debt category by PropertyEU at an awards ceremony held at Banqueting House in London earlier this week.
The biggest transaction in Hammerson’s history, the deal consisted of a portfolio of loans secured against prime shopping centres and core retail development opportunities in Dublin, Ireland.
The prestigious Deal of the Decade awards recognise the landmark deals that have shaped the European real estate industry in the last ten years. The most ground breaking deals are celebrated, including those that were innovative and effective in terms of the transaction or investment structure, transformational for the buyer or seller, or a game changer for the broader European real estate industry.
The Project Jewel deal provided Hammerson with a major new platform of high quality retail property in Ireland, and the opportunity to become Ireland’s leading retail property owner. The loans were secured against a number of prime assets, which included Dundrum Town Centre, Ireland’s premier retail and leisure destination, The Ilac Centre, one of the largest City Centre malls within Dublin’s primary shopping area, and The Pavilions, Swords, the prime retail centre serving Dublin’s northern suburbs.
At 31 December 2016, Hammerson had successfully reached a consensual agreement with the borrowers to transfer the underlying properties delivering immediate ownership of Dundrum, the Dublin Central development site and The Ilac Centre. Hammerson expects the final loan conversion of Pavilions to complete by summer 2017.
Simon Betty, Retail Director Ireland, commented, “Project Jewel was a landmark deal for Hammerson, marking its entry into the Irish market with a leading retail platform. I am delighted that this transformational transaction has been recognised with the Deal of the Decade for Debt, testament to the hard work of all those involved in the agreement.”
ENDS