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Goldman Sachs Group, Inc. (NYSE:GS) has reportedly agreed to sell Blanchardstown Centre, Ireland’s largest shopping mall, to credit firm Strategic Value Partners.
The U.S. investment firm, which put the shopping mall for sale last year, aspiring about €650 million ($713.37 million), is selling for a price lower than that, reported Bloomberg, citing people familiar with the discussions.
Goldman Sachs purchased the mall from Blackstone Inc. (NYSE:BX) in late 2020, when it was esteemed at €750 million.
The complex has 180 stores and eateries with 16 million visitors a year. Occupants include Zara and Hollister.
After a decade of disruption from online shopping, malls are attracting investors again, the report mentioned.
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Recent declines have made space more affordable for retailers, reducing the risk of missed payments. Additionally, tenants benefit from 14 consecutive quarters of rising consumer spending in Dublin, the report highlighted, citing data compiled for the city’s local governments.
“Capital values for prime shopping centers in Europe have fallen more than 40% since the peak and rental values in the best malls are now increasing, so if yields stabilize there is value recovery potential,” Sue Munden, a senior analyst at Bloomberg Intelligence, said about the region’s retail properties in general.
According to Benzinga Pro, GS stock has gained over 50% in the past year.
Investors can gain exposure to the stock via iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: GS shares are trading higher by 0.73% to $502.35 at last check Thursday.
Image via Shutterstock
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