AIB has instated receivers for The Square Town Centre, located in Tallaght, in the hope of achieving an efficient company sale. Kieran Wallace and Eamonn Richardson from Interpath Advisory have been jointly appointed as receivers, an arrangement made in partnership with and supported by the complex’s proprietor, the American investment establishment, Oaktree Capital.
The independently possessed units’ proprietors won’t be affected by the receivership, nor will the receivers’ and managers’ installations influence any tenants or continued dealings at The Square.
Speculations were previously rife concerning the Texas-rooted property investment consortium, Hines, eyeing up The Square for an acquisition priced approximately €125 million; this figure reflects merely half of the complex’s worth from four years ago. By Oaktree Capital, another US investment company and the current owner of the complex, Hines was chosen as the leading buyer. The complex was tagged between €160 million and €170 million.
In 2019, Oaktree Capital procured 90% of the centre from the National Asset Management Agency (Nama) for €250 million. The complex is spread over 53,000 square metres (570,486 square feet). It comprises 130 retail outlets and a cinema with 13 screens, with planning permission for an expansion and a potential housing facility site. Further details are forthcoming.