THE COMPANY THAT manages the Square shopping centre in Tallaght was back in the black the year the outlet was put up for sale.
Recently filed accounts for the Square Management Limited show that the company delivered a profit of over €16.6 million for the 12 months to the end of September 2017, compared to a loss of €1.1 million the year before.
The firm’s return to profit was largely due to the disposal of certain assets to the tune of €6.4 million. It also received debt forgiveness of over €13 million on its bank loans.
The shopping outlet’s manager had revenues of €6.8 million during the 12 month-period, up nearly €300,000 on 2016′s tally.
The company generated most of its turnover through unspecified service charges, while €880,500 of its revenue came from car park fees and lettings accounted for €420,000.
The outfit employed an average of 18 people in 2017, two more than the year before, mostly in management and administrative roles. Its wages and salaries bill was worth around €48,800 per head.
In March, American private equity giant Oaktree bought the Square for €250 million, more than the €233 million asking price when the property came on the market in August 2017.
Oaktree has been an active buyer in Ireland since the recession. The US outfit took control of a slew of properties around the country after buying several loan portfolios from Nama after the crash.
As part of the Square buyout, it acquired the centre’s ultimate parent company, Indego, using a firm incorporated in Luxembourg called OCM Luxembourg Square Retail Sarl, which will be controlled by Oaktree.
Opened in 1990 by then-Taoiseach Charles Haughey, the Square – which is anchored by tenants Dunnes Stores, Tesco and Debehams – has 160 shops, a 13-screen cinema and a 2,400-space car park.
Last year, it received the go-ahead to proceed with a planned expansion which had been stalled for years by Dunnes Stores.