Ireland's retail parks portfolio listed for €120 million

Three major retail parks in Ireland are set to be sold for around €120 million. The properties include Belgard Retail Park in Dublin, M1 Retail Park in Drogheda, and Poppyfield Retail Park in Clonmel. They are being sold by Marlet Property Group, which had purchased them for €78 million during the Covid-19 pandemic. The sale comes after Marlet invested in improvements at each location. They built new retail units and made upgrades to enhance the parks' appearance. The overall rent collected from these retail parks has increased from €7 million to over €9 million since the purchase. Belgard Retail Park features popular retailers like B&Q and Starbucks. Its annual rent has risen to approximately €3.45 million. Meanwhile, M1 Retail Park, which includes a new Tesco supermarket, has seen its rent jump to €4 million per year. Poppyfield Retail Park is almost fully occupied, generating €1.6 million annually. These retail parks are expected to attract significant interest from potential buyers. Marlet's decision to hold on to another property, Manor West Shopping Park, suggests they may have further plans for their portfolio in the future.