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31/08/2007

CFI To Buy Athlone Town Shopping Mall

Corporate finance firm CFI property has announced it is putting together a syndicate in order to buy a major shopping centre in Athlone, Ireland for an estimated €345 million.

It is understood the company is seeking to raise €100 million from investors along with Ulster Bank Wealth and the Sherry Fitzgerald Group.

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Athlone Town Centre, due to open on 18 October, is being constructed by property developer John O’Sullivan and accountants Jim Keane and Tom Donohue of accountancy firm Russell Browne Keane. A total of 67 retail units will be included in the centre, consisting of 225,000 sq ft, situated over a 1,200-space basement car park.

The €500 million development will feature a number of leading retailers and Starwood Hotels and Resorts Group has announced it will operate a new €45 million euro Sheraton Athlone Hotel in the centre of the complex.

(JM/SP)

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