Morgan Stanley, AIG and Hayfin Capital Management, senior lenders to the Blanchardstown Centre in Dublin, have agreed to extend the term of the debt secured on the country’s largest shopping mall, effectively ruling out a quick sale, writes Brian Carey.
Goldman Sachs, which is a junior lender, brought the 1.2 million sq ft development to the market earlier this year, appointing Eastdil Secured and CBRE to handle the sale. Northwood Investors tabled the highest opening bid on the centre at an estimated €580 million.
However, talks on a sale have been slow to progress, leading Morgan Stanley to enter talks on a change to the loan covenants. Sretaw, headed by Eamon Waters, and Pat Crean, boss of the Marlet property group, are also believed