Invesco Real Estate, the global property investment manager, has completed the purchase of the Frascati Shopping Centre in Blackrock, Co Dublin, for a figure slightly over €68 million.
The company said yesterday it had formed a partnership with the John Bruder-led Burlington Real Estate to redevelop the centre and provide an additional 6,317 sq.m (68,000 sq.ft) of shopping facilities which will bring the overall space up to 15,793 sq.m (170,000 sq.ft).
Frascati is currently producing a rental income of €3.8 million. The centre was developed and owned by the Roche family of Roches Stores which sold its business to Debenhams in 2006.
Article by The Irish Times