€40m plan to expand mall in Dublin is approved
PLANNING permission for a €40m redevelopment and extension of the Red Mall at Blanchardstown Shopping Centre has been granted by the local authority.
It paves the way for the creation of up to 300 more jobs at the Dublin location, which is the country’s second-largest shopping centre.
Blanchardstown Shopping Centre – which is owned by US private-equity giant Blackstone – intends to add an additional 100,000 sq ft of retail space.
It will see the construction of a single, 40,000 sq ft unit, as well as 18 standard units.
Multi Corporation, Blackstone’s pan-European retail platform, manages the Blanchardstown Shopping Centre on behalf of the $9bn (€7.7bn) Blackstone fund that acquired the mall for €950m from Green Property last year.
When it acquired the property, Multi Corporation said there was scope for adding a total of about 150,000 sq m (1.6 million sq ft) of retail, residential, office and leisure space to the Blanchardstown site.
The shopping complex has about 12 million sq ft (112,000 sq m) of retail space. There are about 180 outlets at the centre and some tenants will be relocated in order to facilitate the new development.
When it first announced the planned extension to the shopping facility in September, Multi Corporation said the building work involved would support 250 construction jobs. The centre currently supports 5,500 jobs.
Dominic Deeny, the managing director of Multi Ireland, said in September that the new extension would be the second in a number of planned investments at Blanchardstown.
The Irish Independent recently revealed that US doughnut chain Krispy Kreme has selected Blanchardstown Shopping Centre as the location for its first-ever outlet in Ireland. The chain, now owned by Germany’s billionaire Reimann family, had been scouting for more than a year for a location in Ireland.
McDonald’s has also just secured planning permission to extend its drive-thru restaurant at Blanchardstown. It will add 462 sq ft to boost the size of the outlet to 3,500 sq ft.
There have been changes of ownership among all three of Ireland’s biggest shopping centres over the past couple of years.
UK property giant Hammerson acquired 50pc stakes in Dundrum and the Ilac Centre in Dublin city centre in 2015, after paying Nama €1.85bn for €2.6bn worth of loans connected to the developments. Hammerson has also bought a 50pc stake in the Pavilion’s Shopping Centre in Swords, north of the city.
Last December, the Liffey Valley Shopping Centre in Dublin was sold for more than €600m to German pension scheme Bayerische Versorgungskammer.
It was sold by a consortium that included HSBC, Alternative Investments, Grosvenor, and Hines. THE Irish finance sector is to develop plans to better tap into the growing
Asian market, and replicate the successful development of US investment in the sector here.
A strategic report developed as a partnership project between Irish think tank Asia Matters and PwC aims to assist the Department of Finance and IFS Ireland – Ireland’s international financial services brand – in coming up with a new IFS 2020 strategy to develop international financial services in Ireland.
Asia Matters executive director Martin Murray announced the plans at the Global Asia Matters Business Summit in Dublin yesterday.
Asia Matters will engage with key stakeholders in Japan, China, Hong Kong and Singapore to produce a new Asian initiative, he said.
Speaking at the Asia Matters summit, Joe Tynan, PwC Ireland Head of Tax, said there were “huge opportunities” for Ireland to become a global trading hub and gateway from Asia to the EU and the US.
Speakers at Asian Matters 2017 included Tánaiste Frances Fitzgerald and Minister of State Michael D’Arcy; Venkatesh Priyadarshi of Tata Ireland; Noriyuki Sato of Mitsui and Dearbhail McDonald, Independent News & Media Group Business Editor. PAYMENTS firm Stripe, established by Irish brothers Patrick and John Collison, has contributed to the latest funding round for digital challenger bank Monzo.
Since the app-only UK bank was founded in 2015, nearly half a million customers have signed up to the service, a number the firm states is increasing by 5pc every week.
John (26) and Patrick (28) went from being highly gifted students to paper billionaires, through the estimated 12pc each they own of Stripe, giving them a net worth of more than $1bn each.
“We’re excited to announce we have closed our latest fundraising round, raising £71m from Goodwater Capital, Stripe and Michael Moritz,” said Monzo in a statement.
“They join our existing investors Passion Capital, Thrive Capital and Orange Digital Ventures, who have each made follow-on investments.”
In July, the Collison brothers unveiled a partnership deal with two of China’s biggest digital payment services, giving it access to hundreds of millions of Chinese customers. Stripe currently has users in more than 100 countries, including Asia.
This year has been a busy one for Monzo, which has gained a full banking licence and started to roll out its full current account.
“This is an incredible endorsement of our strategy so far, and we’re so excited about the opportunities this investment unlocks,” the company said.
Billionaire brothers John and Patrick Collinson
The Blanchardstown centre is owned by Blackstone