Ashurst advises lenders on €350m refinancing of Dundrum Town Centre

Global law firm Ashurst has advised a lending syndicate on a EUR350 million term facility secured against Ireland's leading retail, leisure and lifestyle destination, Dundrum Town Centre.

The lending syndicate comprises Rothesay Life Plc, BNP Paribas and DekaBank Deutsche Girozentrale as mandated lead arrangers, bookrunners and lenders.

The transaction is expected to be one of the largest single-asset refinancings in the Irish market in 2024. Dundrum is owned in a 50/50 JV operated by Hammerson PLC and Allianz.

Dundrum is located in the affluent and densely populated southern Dublin catchment. Recent investment to re-anchor and reposition the destination has seen the introduction of high-profile international brands, market-first occupiers and new uses including leisure, entertainment and workspace. Dundrum offers over 150 brands including restaurants, a 12-screen cinema and 3,400 car park spaces. The 125,000 m2 destination is 95% occupied and generates total passing rent of circa EUR62 million per annum.

The Ashurst team was led by real estate finance partner Stuart Blacklock. He was supported by partners Tim Gummer and James Knight and associates Daniel Edwards and Matthew Rowlands.

Arthur Cox acted as Irish counsel to the lenders.