Edward Square complex has been sold for €27 million

BY ENDA CUNNINGHAM

The sale has been completed of the Edward Square retail complex off William Street for around €27 million.

The retail units were sold by the National Asset Management Agency to a private investment firm based in Dublin, which is a prolific investor in shopping centres around the world.

There had been eight offers for the complex, and the sale was agreed last September. However, the deal has only just been completed.

Signature Capital is headed by Tom O’Connor, who is also a director of the Irish arm of the Swedish fashion retailer H&M.
The company owns shopping centres in Britain, Germany and the United States with a value of around €1 billion, and NAMA is understood to have provided a significant amount of finance for the deal.

Among the shop units in the complex are Dunnes Stores, Topshop, Next, A-Wear, Oasis and Miss Selfridge.

The complex – which was developed by Gerry Barrett and opened thirteen years ago – has a total annual income of €2.43m. Dunnes has a 31 year lease on their premises at an annual rent of €889,000, while the other fashion retailers have 20 year leases, which are due to expire in 2020.

Topshop has an annual rent of €515,000; Next is paying €445,000; Oasis has an annual rent bill of €200,000, A-Wear around €200,000 and the rent on the Miss Selfridge unit is €183,000 per annum.