Receivers appointed to The Square in Tallaght as value plummets from 640m high [Video]

AIB has appointed Kieran Wallace and Eamonn Richardson from Interpath Advisory as joint receivers and managers for The Square shopping centre in Tallaght.

The appointments have been made with consent and co-operation of funds managed by Oaktree Capital Management, the US private equity group that purchased much of The Square from NAMA for €250m in 2019.

The owners of the independent owned units at the shopping centre will not be affected by the receivership, and the appointments will not impact any tenants or the continued operation and trading at The Square.

Oaktree put its interest in The Square on the market with a reported asking price of €170m last June, but an agreed sale for €120-125m was reportedly held earlier this year following an objection at the heavily discounted price from one of the group’s lenders.

The group owns 118 of …