Thursday, June 8, 2023

Commercial Real Estate: "Goldman Weighs Sale of Ireland’s Largest Shopping Mall at a Loss"

From Bloomberg, June 7:

  • The investment bank is seeking to sell the Blanchardstown mall
  • Goldman acquired the asset from Blackstone in late 2020

Goldman Sachs Group Inc. is weighing a sale of Ireland’s largest shopping mall for less than the value they acquired it for just over two years ago. 

The US investment bank is seeking about €650 million ($695 million) for the Blanchardstown Shopping Centre in west Dublin, according to a person familiar with the matter, who asked not to be identified because its private. Goldman acquired the asset from Blackstone Group L.P when it was valued at about €750 million in late 2020. The Irish Times reported the sale plans earlier.

Goldman is in discussions with CBRE as well as with Eastdil Secured about a sale, the person said....


Goldman's timing on both the purchase and the sale does not appear to be particularly astute.
I wonder if they have any other property that might be coming to market later this year?