US investor buys eight Irish retail parks for €220m

A US investor has purchased a portfolio of eight well-known retail parks in Ireland for about €220 million. The deal was announced today by Oaktree Capital Management. The retail parks are located in various cities across the country. Oaktree originally bought these parks between 2015 and 2017 through its subsidiary, Targeted Investment Opportunities (TIO). The portfolio includes popular sites like Navan Retail Park, Bray Retail Park, and Waterford Retail Park, among others. Since taking over, Oaktree has worked with Sigma Retail Partners to improve the parks and attract more customers. Notable upgrades include the addition of new stores such as Decathlon in Limerick and two Harvey Norman outlets in Sligo and Galway. Sigma reports that it has increased rental income from the properties by over 40% since Oaktree's acquisition. Marcus Wren, co-founder of Sigma, called the sale a success and a sign of good asset management. This purchase marks Realty Income Reit's second major investment in Ireland. Their first was in 2023, when they acquired CityEast Retail Park and Blackwater Retail Park for €45.9 million.