German-based Deka completes €180m Whitewater acquisition

German-based Deka Immobilien has completed its acquisition of Whitewater Shopping Centre in Newbridge, Co Kildare, for €180 million.

The company outbid six other European and American funds last year to secure the deal.

The centre, which is considered highly profitable, was owned by property developer Sean Mulryan and the balance by the estate of the late Liam Maye who was also involved in Dundrum Town Centre.

The acquisition marks the second shopping centre that Deka has bought in Ireland, with the company also buying Mahon Point shopping centre in Cork in 2005 for €250 million. It also owns the Tommy Hilfiger store on Dublin’s Grafton Street, which it bought in 2009 for €23 million.

Whitewater is Ireland’s largest regional shopping centre, developed in 2006 with almost 30,000 sq m of floorspace. It comprises four anchor tenants - currently Debenhams, Marks & Spencer, H&M and Zara - 47 mall retail units, 10 food court units nine kiosks, a six-screen cinema and 17 external retail units. There is also 1,700 car parking spaces and 84 apartments on the site.

Director of joint agent Savills Ireland Domhnaill O’Sullivan said there was strong interest from domestic and global institutional capital, and private equity investors in acquiring the centre.