Union Investment Real Estate Buys Gulliver's Retail Park in North Dublin, Entering Irish Retail Market

Union Investment Real Estate has acquired Gulliver's Retail Park in North Dublin from Ambercrest Limited Partnership, the Hamburg-based real estate manager announced Nov. 2, 2026. The purchase marks the firm's entry into the Irish retail market. Union Investment is contributing the property to an open-ended special fund.

Gulliver's Retail Park Acquisition Details

Gulliver's Retail Park, also referred to as Gulliver's Retail Park Santry, is located in Santry, Dublin 9. The park was built in 2006 and expanded in stages. It comprises approximately 157,000 square feet of leasable space, equivalent to roughly 14,590 square meters, and is fully leased.

Ambercrest Limited Partnership was the seller, and Union Investment Real Estate is the buyer.

Grocery-Anchored Tenant Line-Up

The retail park's grocery anchor is a Lidl store of about 20,000 square feet. Lidl and the second major tenant, The Range, the Irish retail chain specializing in household goods, garden and leisure items, have each committed to the location long term through new lease agreements.

Other tenants include Eurospar, EZ Living Interiors, McDonald's, Costa Coffee and Jysk, among others. The mix combines grocery, household goods, food-and-beverage and discount-oriented retail.

Location Near the M50 and Planned Metrolink Station

The property sits in an established location with high visibility near the M50 motorway. Retailers and operators nearby include IKEA, which has its only flagship store in Ireland, Tesco, which operates a distribution center in the area, and Decathlon.

The park's catchment area currently comprises more than 400,000 residents. A planned Metrolink station in the immediate vicinity of the retail park is expected to expand that catchment further.

Union Investment Real Estate's Dublin Portfolio

Union Investment's funds have been active in Dublin since 2015. Before this transaction, the portfolio comprised 11 properties across office, hotel and residential assets. Gulliver's Retail Park adds retail to the mix, broadening the firm's sector exposure in a market where it already operates.

Market Context for Dublin Retail Assets

The acquisition comes as Dublin's retail park market is marked by limited supply and low vacancy. Knight Frank reported that only €66 million was invested in Irish retail assets in the first half of 2026, largely because many prime shopping centers and larger retail parks had already traded and few comparable properties were available. The firm also identified low vacancy in prime shopping centers and retail parks as a continuing market feature.

Cushman & Wakefield reported that Dublin retail demand from international entrants, food-and-beverage operators and established domestic retailers continued to exceed available supply in the second quarter of 2026, with prime retail assets benefiting from stable rents and sustained retailer demand.

Against that backdrop, a fully leased retail park with long-term commitments from its two principal tenants represents a scarce asset type in the Dublin market.

Sources

• Union Investment Real Estate press release: https://realestate.union-investment.com/en_GB/media-center/press-releases/acquisition-gullivers-retail-park-dublin