M Core Pledges Irish Expansion With First €35M Mixed-Use Deal

Private equity firm Henderson Park Capital Partners UK is selling the Arena Centre in Dublin suburb Tallaght to M Core in the family office’s first Irish acquisition.

The €35M transaction is part of Henderson Park’s strategy to divest noncore assets after it became one of Dublin’s biggest office landlords in 2019 by acquiring Green REIT’s €1.3B portfolio. Blackstone in 2024 extended by two years a €900M facility used to acquire the REIT, and as part of that extension, Henderson Park contributed around €110M of additional equity.

Meanwhile, M Core has pledged to further invest in the Irish real estate market.

The mixed-use asset, which totals 321K SF of retail, office and hotel assets, had been up for sale previously but had failed to find a buyer. In 2023, agents sought €45M on behalf of Henderson Park, although part of the lower price this time is because a unit leased to Lidl has sold in a separate transaction for €7M. 

Green REIT offered the asset to the market with a guide price in excess of €65M in 2016.

M Core said that the deal marked a “strategic entry into a dynamic European market.” Anchor occupiers include Bank of Ireland, Woodie’s and the Maldron Hotel, operated by Dalata Hotel Group.

M Core added that its in-house team will provide management of the centre and has planned site upgrades, including new electric vehicle charging points in partnership with PoGo, digital display screens, kiosks and food trucks.

“The Arena Centre represents everything we look for in an asset: scale, secure income, and strong covenants in an area with significant footfall and growth potential,” M Core Chief Investment Officer for Europe Sebastian Macdonald-Hall said in a statement.

“This marks a pivotal moment for M Core — our first acquisition in Ireland and a statement of our intent to invest, manage and add value across the country.” 

The acquisition was advised by JLL, Cushman & Wakefield and William Fry.