Geneva Shopping Centre
We were the largest investor in an Irish syndicate which owned the Lancy Centre in Geneva. The initial investment was made in 2010. Since then, the property managers upgraded the lower floor of the centre and installed Lidl as a tenant, so that now the Lancy Centre is the only location in Geneva, which offers both Lidl and Aldi on the same site.
The shopping centre was brought to the market in 2016 and the sale was finalised in December 2016.
We have already received full repayment of our initial investment and, once the investment vehicles are wound up, we expect that our share of the proceeds will be received in 2017 and we will materialise an after tax gain in excess of €1m.