Developer Pat Crean’s Marlet in €56m deal for Tralee retail park

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Developer Pat Crean’s Marlet Property Group looks set to deepen its involvement in Ireland’s retail sector with a €56 million deal to acquire Manor West Shopping Park in Tralee, Co Kerry.

Although the proposed purchase has yet to be completed, it will be seen as a significant vote of confidence in regional retail parks and their resilience, both in the face of the Covid-19 pandemic and the ongoing growth of online shopping.

News of the deal comes just three months after The Irish Times reported on Marlet’s agreement to buy three more of Ireland’s foremost retail parks from Manor West’s owner, US investor Marathon Asset Management, for about €78 million.

The Parks Collection portfolio, as it is known, comprises Belgard Retail Park in Tallaght, the M1 Retail Park near Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary.

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