€40m plan to ex­pand mall in Dublin is ap­proved

Irish Independent - Business Week - - BUSINESSWEEK - John Mul­li­gan Col­lisons back UK dig­i­tal bank

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

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.