Successful Completion of Oaktree’s Retail Park Portfolio Sale

Sigma Retail Partners (“Sigma”), a leading specialist retail asset manager in Ireland, today announced the successful sale of eight retail parks owned by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to Realty Income REIT. The portfolio consists of high-quality retail parks across Ireland and was valued at approximately €220m.

At the heart of this successful outcome is the significant role played by Sigma as the Asset Manager since Oaktree’s acquisition of these assets. The strong sale price reflects not only the inherent value of the properties but also the enhanced income achieved through Sigma’s strategic approach to asset management, which focused on repositioning and improving the tenant mix to drive growth and profitability. Beyond this landmark retail parks portfolio sale, Sigma has also completed on behalf of Oaktree numerous non-core asset disposals throughout the hold period including several drive thru restaurants, coffee pods and surplus land.

Some further key highlights of Sigma’s management over the years include:

• Gateway Retail Park, Galway: The successful delivery of the 140,000 sq. ft. second phase, enhancing the park’s retail offering thus becoming the leading retail park in the West of Ireland now totalling over 300,000 sq. ft. in size.
• Decathlon: Securing Decathlon’s first major store outside of Dublin, a 50,000 sq. ft. flagship location at Parkway Retail Park in Limerick.
• Harvey Norman: The successful opening of two new stores in Sligo and Galway, totalling over 100,000 sq. ft., expanding the brand’s footprint in key regional locations.
• JYSK: Delivering five new stores, including JYSK’s first-ever store in Ireland at Naas Retail Park.
• Increasing the rent roll across the portfolio by over 40% since acquisition.

These key highlights are evidence of the strategic decisions which have underpinned the strong price achieved for the portfolio while attracting high-quality tenants and driving long-term growth. The collaboration with Oaktree has been incredibly rewarding, and the Sigma team are proud of the tangible impact we’ve had on the success of these assets.

Marcus Wren, Co-Founder and Managing Director of Sigma Retail Partners, said,

“As we conclude this chapter, we would like to extend our thanks to Oaktree for their trust and partnership over the past 10 years. We look forward to seeing how the new owners will build upon the strong foundation that has been established across this excellent portfolio of eight retail parks. The sale of this portfolio is a testament to the value of a strategic, hands-on approach to asset management in collaboration with Oaktree’s wider professional team. We are excited about the future opportunities that lie ahead for Sigma and indeed the retail sector as a whole in Ireland.”

Oaktree has invested significant capital in Irish real estate over the last decade and continues to own assets across the Irish commercial and residential market.