AIB to provide €155m refinancing loan for Jervis centre

AIB Real Estate Finance has provided a €155 million loan to refinance the Jervis Shopping Centre, one of the top retail outlets in Dublin city centre. The seven-year loan has been made available to a company controlled by Paddy McKillen and Padraig Drayne, who developed the retail complex in 1994.

The Jervis centre generates a rental income of more than €16 million per annum, a figure that will rise to €18.5 million over the next 18 months.

The centre is spread over 35,766 sq m (385,000 sq ft) and has more than 90 retail units including a dedicated food court across two storeys supplemented by mezzanine floors.

Anchor tenants include Topshop’s recently opened flagship store, Forever 21, New Look and Tesco, complemented by a mix of international and national retailers including Boots, PC World, Next, Costa and Burger King.

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International competition

Eastdil Secured and LeBruin Private advised the McKillen/Drayne partnership. AIB Real Estate Finance secured the financing mandate despite considerable competition from international funders.

Colin Hunt, AIB's managing director of wholesale, institutional and corporate banking, said it was delighted to be backing a landmark shopping centre and wished it many more years of success.

“We are committed to deploying our capital and expertise to support the real estate finance sector in Ireland. Our multidisciplinary real estate finance team is dedicated to providing customer focused solutions to the sector.”

A spokesman for the owners of the centre, JSC Properties, said they were proud to have been able to complete the refinance with an Irish institution such as AIB.