UK-Based Property Group Hammerson Sells Its Stake In Kildare Village

Monday, 22 July 2024 14:22

The village opened in 2007

The British property group Hammerson, which holds a 50% stake in Dundrum Town Centre and plans a landmark development on Dublin’s O’Connell Street, has sold its stake in the parent company of Kildare Village, according to the Irish Independent.

In a statement, Hammerson announced it is generating £600 million (€712 million) in cash proceeds by divesting its "overweight, non-controlling, and yield-dilutive interest" in Value Retail.

This move ensures a "clean exit from a complex structure at an attractive price."

The buyer is L Catterton, a private equity firm supported by LVMH Moet Hennessy Louis Vuitton, a luxury fashion conglomerate.

Value Retail specializes in creating luxury shopping destinations and operates nine such venues across Europe.

Value Retail holds a 41% stake in Kildare Village, which opened in 2007 and has undergone several expansions.

Luxury brands such as Prada, Polo Ralph Lauren, and Mulberry are among the tenants.

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