New owner for Athlone Shopping Centre

 

A local shopping centre has changed hands in recent days, it's been confirmed.

Eight years after it first opened its doors to the public, the Athlone Towncentre shopping complex has been purchased by a US investment fund.

The purchase by American investors Davidson - Kempner also includes the 150 Cityquarter residential units which are part of the Athlone development and are located adjacent to the shopping centre.  The local site is one of six retail centres which made up the 'Cornerstone Portfolio’ that was purchased by Davidson - Kempner for €118m.

It has been reported that Deutsche Bank financed the deal, which included the US fund taking a stake in MacDonagh Junction in Kilkenny, Gorey Shopping Centre in Wexford; Tipp Town Centre in Tipperary; Westside Shopping Centre in Galway and Orwell Shopping Centre in Templeogue, Dublin.  Gallico developed the Athlone Towncentre, which opened on November 1, 2007.

The retail component of the centre was due to be purchased by a Dublin-based property company, CFI, towards the end of 2007 for a reported €345m but “turmoil in the global financial markets” was blamed for this deal falling through.
The centre went into receivership in December 2013, when Stephen Tennant and Paul McCann of Grant Thornton were appointed as joint receivers.