Clifford Chance has advised Allianz Real Estate on a joint venture between Allianz Group and Hammerson plc for the takeover of "Dundrum Town Centre" in Dublin.

The joint venture partners acquired the "Project Jewel" loan portfolio last year, which included loans secured against "Dundrum Town Centre". The deal was one of the largest loan disposals ever to take place in Ireland and Clifford Chance also advised Allianz Real Estate on that transaction.

The partners have made "Dundrum Town Centre" part of a new joint venture vehicle after acquiring it from the loan debtors.

The "Dundrum Town Centre" is one of Ireland's best-known shopping and leisure centres. It covers an area of around 140,000 square metres and, with 18 million visitors a year, has among the highest footfall in the country.

Allianz now owns 50% of the property, which generates a total annual rental income of around EUR 60 million. Hammerson will act as the centre manager.

The Clifford Chance team was led by partner Dr. Christian Keilich (Real Estate, Frankfurt), who also advised the joint venture on the purchase of the "Project Jewel" portfolio in 2015.