William Fry are advising Hammerson and Allianz Real Estate on its joint venture to acquire the Project Jewel loan portfolio from NAMA for €1.85bn, anchored by Ireland’s largest shopping centre, the 1.5m sq ft Dundrum Town Centre.  Under the joint venture agreement, Hammerson and Allianz have each acquired a 50% stake in Dundrum Town Centre and Dundrum Phase 2, which has lapsed planning consent for 1.1m sq ft of retail space. Hammerson will act as asset and development manager.

Hammerson were also advised by Lazard, Herbert Smith Freehills, KPMG and CBRE. In the transaction Allianz was advised by JLL, Savills, Clifford Chance and PwC. Eastdil Secured was sell side adviser for NAMA on Project Jewel.