Blackstone to buy €950m Blanchardstown Centre

US investment group Blackstone is poised to buy the Blanchardstown Centre from Green Property in a deal worth €950 million.

Stephen Vernon’s Green Property is set to sign up Blackstone as preferred bidder for the centre within days, according to sources. While it is understood that Blackstone didn’t lodge the highest offer for the business, it as it seen as carrying less execution risk than the top bid.

Developer Joe O’Reilly’s Chartered Land, backed by capital from Morgan Stanley, and Canada Pension Plan Investment Board were the two other final bidders for the centre, where Dunnes Stores, Penneys, Debenhams and Marks & Spencer are the anchor tenants.

Opened in 1996, the Blanchardstown Centre, situated on 85 acres, includes 1.25 million square feet of retail and retail warehousing.

A further 250,000sq ft is made up of offices, a cinema, theatre, apartments and a Crowne Plaza hotel.