Goldman Sachs Group, Inc. (GS) has reportedly reached an agreement to sell Blanchardstown Centre, Ireland’s largest shopping mall, to credit firm Strategic Value Partners. The U.S. investment firm initially listed the shopping mall for sale last year with an asking price of approximately €650 million ($713.37 million). However, Bloomberg reports that the final sale price is likely lower than that, citing sources familiar with the discussions.
Goldman Sachs acquired the mall from Blackstone Inc. (BX) in late 2020 for an estimated €750 million. Blanchardstown Centre features 180 stores and eateries, attracting over 16 million visitors annually. Notable tenants include Zara and Hollister. The sale reflects a growing trend of investors returning to shopping malls after a decade of disruption caused by the rise of online shopping.
Recent market declines have made retail spaces more affordable, reducing the risk of missed payments for investors. Additionally, tenants benefit from 14 consecutive quarters of rising consumer spending in Dublin, a positive sign for the mall’s future.
Sue Munden, a senior analyst at Bloomberg Intelligence, commented on the broader retail property market in Europe, stating, “Capital values for prime shopping centers in Europe have fallen more than 40% since the peak and rental values in the best malls are now increasing, so if yields stabilize there is value recovery potential.”
GS stock has experienced a significant surge, gaining over 50% in the past year, according to Benzinga Pro. Investors seeking exposure to the stock can consider ETFs like iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Bank ETF (KBWB).
As of Thursday’s closing bell, GS shares were up 0.73% at $502.35.
