Kuwait interested to buy Mall in 2 Billions USD

Kuwait Investment Authority (KIA) is among the final three bidders for an Irish property portfolio valued at an estimated $1.8bn.

Project Jewel, a loan portfolio that includes debt secured on Dundrum Town Centre, a 12 ha shopping centre in Dublin, among others, is controlled by Ireland’s National Asset Management Agency (NAMA), the government body that took over the country’s distressed real estate assets during the downturn.

According to Arabian Business, the sale being conducted by NAMA is for the loans secured against the shopping centres, as opposed to the centres themselves. However, by buying the loans, the successful bidder will have effective control over the properties.

The portfolio also includes a 50% stake in two other prominent shopping centres in Dublin (Ilac in city centre and Pavilion in Swords), as well as land adjacent to the Dundrum Shopping Centre that has been earmarked for its second phase of development.

Source : Construction Week Online

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