(Bloomberg) -- Goldman Sachs Group Inc. is weighing a sale of Ireland’s largest shopping mall for less than the value they acquired it for just over two years ago. 

The US investment bank is seeking about €650 million ($695 million) for the Blanchardstown Shopping Centre in west Dublin, according to a person familiar with the matter, who asked not to be identified because its private. Goldman acquired the asset from Blackstone Group L.P when it was valued at about €750 million in late 2020. The Irish Times reported the sale plans earlier.

Goldman is in discussions with CBRE as well as with Eastdil Secured about a sale, the person said. 

The asset is comprised of the main two-level shopping mall, containing more than 180 retail units and anchored by several large tenants including Primark Ltd. and Marks & Spencer Plc. It also includes two adjacent retail parks and external retail units as well as a five-floor office building of about 6,700 square meters.

Goldman’s purchase of the center from Blackstone required competition approval from Ireland Competition and Consumer Protection Commission which was granted in December 2020.

Irish Commercial Real Estate Deals Plummet as Buyers Bide Time

The Irish commercial property market has shown signs of stress over recent months with a significant reduction in investment volumes late last year as higher interest rates and inflation added to investor hesitancy.

Blackstone bought Blanchardstown in 2016, with lenders including Goldman providing financing. Goldman later acquired it via a debt-for-equity swap.

©2023 Bloomberg L.P.