Goldman Sachs Offloads Ireland's Largest Mall To Strategic Value Partners: Report
Portfolio Pulse from Nabaparna Bhattacharya
Goldman Sachs Group, Inc. (NYSE:GS) has agreed to sell Blanchardstown Centre, Ireland’s largest shopping mall, to Strategic Value Partners for less than the initially expected €650 million. Goldman Sachs had purchased the mall from Blackstone Inc. (NYSE:BX) in late 2020. The sale reflects a broader trend of renewed investor interest in malls, despite a decade of disruption from online shopping. GS stock has gained over 50% in the past year, and investors can gain exposure via iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI) and Invesco KBW Bank ETF (NASDAQ:KBWB).
August 15, 2024 | 4:13 pm
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NEUTRAL IMPACT
Blackstone Inc. previously sold Blanchardstown Centre to Goldman Sachs in late 2020. The current sale by Goldman Sachs may reflect on Blackstone's earlier valuation and strategic decisions.
Blackstone's earlier sale of Blanchardstown Centre to Goldman Sachs at a higher valuation may be scrutinized in light of the current sale price. However, the direct impact on Blackstone's stock is likely neutral.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Goldman Sachs has sold Blanchardstown Centre for less than the initially expected €650 million. This sale is part of a broader trend of renewed investor interest in malls.
The sale of Blanchardstown Centre by Goldman Sachs indicates a strategic move to offload assets, potentially freeing up capital for other investments. The stock has already gained over 50% in the past year, and this sale could further boost investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Goldman Sachs via the iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI).
The sale of Blanchardstown Centre by Goldman Sachs could positively impact the iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) due to its exposure to GS.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
Investors can gain exposure to Goldman Sachs via the Invesco KBW Bank ETF (KBWB).
The sale of Blanchardstown Centre by Goldman Sachs could positively impact the Invesco KBW Bank ETF (KBWB) due to its exposure to GS.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30