The acquisition of The Square shopping centre by Shane Scully's Eagle Street Partners for about €170m signifies a notable reduction from Oaktree's previous €250m investment in 2018, illustrating shifting market dynamics.
The shopping centre, which was Ireland's largest mall at its inception in 1990, now operates with 118 of its 160 shop units under Eagle Street's ownership, ensuring stability in day-to-day operations despite receivership.
Following a halted sales process, AIB's involvement as a senior lender and the appointment of Interpath Advisory indicates a strategic approach to managing the sales transition effectively while minimizing impacts on existing tenants.
Oaktree's initial acquisition of The Square was a significant markdown from its earlier valuation of €640m in 2007, highlighting the volatility and changes in the retail property market over the past decade.
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