Amajor Irish shopping centre has come to the market at less than half of what it was sold for 10 years ago, as the recession’s legacy continues to bite.
The Square shopping centre in Tallaght, Dublin, was officially brought to the market last week after months of speculation.
A “controlling interest” in the centre, thought to be between 80pc and 90pc of its income, is being marketed by property agents Cushman & Wakefield and JLL for €233m (£214m).
However, its value has plummeted in the last 10 years: in 2007, a stake of around 51pc in the scheme was sold for €320m, making the entire scheme worth just under €640m.
Quinlan Private, headed by Derek Quinlan, a prominent Irish businessman, sold the stake to Noel Smyth, a property developer.
Mr Quinlan was later to become a high-profile victim of the crash, becoming heavily indebted when property values plunged during 2009.
Debt attached to The Square was later placed into Ireland’s National Asset Management Agency (Nama), a bad bank set up during the financial crisis.