M Core acquires Opera Lane in multimillion-euro deal
Pan-European commercial property investor M Core acquired Opera Lane, Cork city’s first purpose-built shopping street, in a transaction valued between €20m and €30m, echo live reported. The deal, completed earlier this year, marks the firm’s second major acquisition in the Irish market following its 2025 purchase of the Arena Centre in Tallaght for a reported €35m, which it acquired from London-headquartered private equity firm Henderson Park while pledging further investment in the Irish real estate market. Sebastian Macdonald-Hall, chief investment officer (Europe) at M Core, added that they had ambitions to expand further in the Republic, noting that the group sees significant long-term potential across the country and will continue to look for opportunities where we can invest, add value and grow our presence
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The asset comprises a 107,251 sq ft open-air retail development featuring 12 units along a pedestrianised thoroughfare. The street links St Patrick’s Street, described as the city’s main street, to Emmet Place, adjacent to the Crawford Art Gallery, which is undergoing a €93m redevelopment.
Savills engages with potential replacement retailer for vacant unit
The sale process faced setbacks following the February 2025 closure of fashion retailer New Look, which occupied a double unit on the street, according to echo live. That departure halted interest from a group of local investors. The double unit has remained vacant since the closure, though letting agents Savills are currently engaged in early discussions with a potential replacement retailer.
Despite the vacancy, the street retains national and international brands including Tommy Hilfiger, Next, Specsavers, H&M, Victoria’s Secret, and Bath & Body Works.
Investor Plans For Cork City Centre Commercial Property
M Core head of Ireland David Nolan, on becoming the new long-term owner
during the summer, stated that the firm aims to manage the scheme intensively — supporting the retailers who trade here, improving the experience for their customers, and keeping Opera Lane at the centre of Cork city life
. Sebastian Macdonald-Hall, chief investment officer for Europe at M Core, called the property a high-quality asset in a prime city centre location and a strong addition to our growing Irish portfolio
and stated they look forward to building on Opera Lane’s success and supporting its future growth
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The transaction aligns with parallel commercial activity in Cork city centre. John Cleary Developments acquired another former OCP scheme, Half Moon Street, in an off-market deal valued at approximately €30m, matching the upper valuation range of the Opera Lane sale.
Frequently Asked Questions About The Opera Lane Sale
Who developed Opera Lane and when was it built?
O’Callaghan Properties developed the shopping street in the mid-noughties. Agents Cushman & Wakefield first brought the property to market in February 2023 with a guide price of €26.75m.
What was M Core’s previous acquisition in Ireland?
Before acquiring Opera Lane, M Core purchased the Arena Centre in Tallaght during 2025 for a reported €35m from London-headquartered private equity firm Henderson Park.
Which retail tenants currently occupy Opera Lane?
Current tenants include Tommy Hilfiger, Next, Specsavers, H&M, Victoria’s Secret, and Bath & Body Works, alongside ongoing leasing talks for the former New Look unit.
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