Hammerson CEO Moves to Rival – Irish Times News
Dundrum & Blanchardstown Centre Leadership Shifts as Irish Property Market Shows Signs of Recovery
connor Owens,formerly a key figure at Hammerson,owner of Dundrum Town Centre,has moved too Falcon AM,signalling a shift in leadership within the Irish commercial property landscape. This comes amid a period of cautious optimism for the sector, with Hammerson recently reporting its first increase in property values since 2017.
Dundrum Developments & Hammerson’s Position
Owens’ departure follows a busy period for Dundrum Town Centre. the business recently secured a €350 million debt refinance led by Rothesay Life, BNP Paribas, and DekaBank Deutsche Girozentrale, demonstrating continued investor confidence. Construction is nearing completion on 122 homes for rent within the Dundrum area, adding a residential component to the established retail and leisure destination.
however, Hammerson has faced setbacks. The Planning Appeals Board rejected its proposal to build 881 homes on the site of the old Dundrum Shopping Centre, highlighting the challenges of large-scale growth in the dublin suburbs. Moreover, the company’s plans for a significant development linking O’Connell Street to Moore Street, incorporating buildings with historical ties to the 1916 rising, are currently facing a High Court challenge.
The recent positive valuation report from Hammerson – detailed in a recent Irish Times article https://www.irishtimes.com/business/2025/07/31/hammerson-reports-first-increase-in-portfolio-value-since-2017/ – suggests a potential turning point for the company after years of navigating a challenging retail environment.
Falcon AM Appoints Owens to Lead Irish Expansion
Connor Owens brings significant experience to Falcon AM,having previously served as head of asset management and recovery at the National Asset Management Agency (Nama). During his time at Nama, he oversaw billions of euro in property and debt acquired from Irish banks following the 2008 financial crisis. This expertise will be crucial as Falcon AM focuses on growth and development within the Irish market.Anders Hemmingson, managing director of commercial real estate at Falcon AM’s parent company, Strategic Value Partners (SVP), emphasized Owens’ suitability for the role. “Connor’s deep industry knowledge, proven track record in strategic leadership, and his extraordinary ability to drive value in complex real estate environments make him the ideal leader to deliver the next phase of Blanchardstown centre’s growth and development,” Hemmingson stated.
Falcon AM also announced internal promotions, with Ms.Foley, a chartered accountant who joined the firm in 2016, and Mr. Nulty, who has been with Falcon’s asset management team since 2019 overseeing Blanchardstown shopping centre, taking on expanded roles.
Blanchardstown Centre: A History of Ownership & Current Status
Falcon AM’s primary focus in Ireland is the Blanchardstown Centre, a substantial retail destination located in west dublin. The centre, which opened in 1996, boasts approximately 112,000 sq m (1.2 million sq ft) of retail space across 180 shops. Key anchor tenants include Dunnes Stores, Penneys, Marks & Spencer, and Aldi, alongside three external retail parks, office space, and 7,000 parking spaces.
The ownership history of Blanchardstown Centre reflects the volatility of the commercial property market. Goldman Sachs acquired the centre from Blackstone for €750 million four years ago, following Blackstone’s purchase from Stephen Vernon’s Green Property in 2016 for approximately €950 million. The Covid-19 pandemic significantly impacted retail in 2020, leading to discussions between Goldman Sachs and Blackstone regarding control of the mall.
Strategic Value partners (SVP), founded in 2001 by victor Khosla, currently manages over $22 billion (€19 billion) in assets globally, demonstrating its financial strength and commitment to the real estate sector. The appointment of Connor Owens signals a renewed focus on maximizing the potential of the Blanchardstown Centre and exploring further opportunities within the Irish commercial property market.