Retail property investment and fund management specialist Pradera has been chosen as the preferred bidder for the Jervis Shopping Centre in Dublin city centre for a price of around €115M.

While this value is below the €120M price guided by joint agents Eastdil Secured and Savills when it was first put up for sale in March, it was enough to win against competing second-round bids from U.S. investor Starwood and British billionaire Mike Ashley’s acquisitive Frasers Group, which has already bought a number of centres in the UK.

However, the proposed €115M price tag is significantly above offers submitted in the first round of the sale process by other, mainly domestic, investors that included the Comer Group, Lugus Capital and Lanthorn, which tabled bids below €100M.

Developed in the early 1990s on the site of the former Jervis Street Hospital, the 385K SF Jervis Shopping Centre includes more than 90 retail units and a food court across two floors plus mezzanine floors.

The tenant line-up includes Tesco, JD Sports, Boots, Timberland, Bershka, Currys, Diesel and Rituals, plus food and beverage operators KFC, Burger King and Butler’s Chocolate Cafe. However, New Look has decided to close its 40K SF store — the largest in its international network — as it withdraws from Ireland.

Retail has remained an active real estate sector in 2025, representing 41% of investment volumes in the second quarter, with €158M invested across eight deals, according to adviser JLL in its latest capital markets report.

The top deal was the €123.5M Trinity Collection retail park acquisition — Belgard Retail Park in Tallaght, M1 Drogheda Retail Park, and Poppyfield Retail Park in Clonmel — by Realty Income from Marlet Property Group. In addition, 65-66 Grafton Street, anchored by retailer Massimo Dutti, was sold to a private buyer for €19M

In the first half of the year, the retail sector accounted for 46% of total volumes, with €430M invested across 16 deals, representing a 55% increase from the same period in 2024 and 38% above the 10-year first-half average for the sector.