Letterkenny Shopping Centre has been sold to an investment fund as part of a €74 million deal.
The Irish Times is reporting a fund managed by Davy Real Estate completed the acquisition of the Hexagon portfolio, a collection of six regional shopping centres built and owned by developer Pat Doherty’s Harcourt Developments.
Pat ‘Big Hill’ Doherty is originally from Buncrana and owns many other properties in Donegal, including the luxury Lough Eske Castle Hotel.
The portfolio also comprises Donaghmede Shopping Centre in Dublin; Galway Shopping Centre; the Laois Shopping Centre in Portlaoise; Parkway Shopping Centre in Limerick and the Longwalk centre in Dundalk, Co Louth. The price paid by Davy represents a 26 per cent discount on the €100 million which had been guided by agent JLL when it first offered the shopping centres for sale on the instructions of joint receivers, Shane MacCarthy and Cormac O’Connor of KPMG.
Originally constructed in 1984, Letterkenny Shopping Centre now includes major retailers such as Tesco and Penneys as well as almost 40 retail units.
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