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.

Andrew Muckian, who led the William Fry team, commented, "William Fry is delighted to have advised Hammerson and Allianz in the successful acquisition of the Project Jewel loan assets. The deal represents the high point of the emergence of the Irish real estate market on the international stage. It was particularly pleasing to work with the excellent legal teams in Herbert Smith Freehills and Clifford Chance Frankfurt (ably supported by the impressive in house legal teams in Hammerson and Allianz) to bring this complex and multi disciplinary deal to a successful conclusion."  Andrew was supported by Karen Sheil partner Real Estate, Orla Brennan partner Financial Services, Vincent Coyne partner Investment Funds and Eavan Saunders partner Corporate.

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.