Minaun Capital, the property investment vehicle backed by entrepreneur and Sherry FitzGerald owner Tommy Kelly, is understood to be in talks to sell Gulliver’s Retail Park in Santry to German asset manager Union Investment.While the proposed deal has yet to be finalised, The Irish Times understands that Minaun is on course to secure a significant return on its original investment. The company, which was established by the founder of online auction specialist BidX1, Stephen McCarthy, acquired Gulliver’s Retail Park for its part for about €29.5 million in April 2024. Union Investment is believed to be weighing the purchase of the property for about €45 million. Should a deal proceed at that level, Kelly and McCarthy would be in line for a gross uplift of 52.5 per cent on their original outlay. Built in 2005 by the family-owned Cosgrave Property Group as part of a wider retail and office development comprising 25,083sq m (270,000sq ft) of space, the retail park extends to 13,261sq m (142,740sq ft) along with over 650 car-parking spaces. The scheme’s line-up includes Homebase, Lidl, EZ Living Interiors, Jysk, Petmania, McCabes Pharmacy, Eurospar, McDonald’s and Costa Coffee. Gulliver’s Retail Park is located within close proximity to a number of established apartment schemes including the Cosgrave-developed Blackwood Square and the various developments along Northwood Avenue in Santry.Minaun Capital’s other retail park investments include Wellpark Retail and Leisure Centre in Galway which it acquired from a private investor in an off-market transaction for €20.5 million in 2023. Developed originally by Gerry Barrett’s Edward Holdings at a cost of €75 million, the Galway scheme has a strong tenant line-up that includes Woodie’s, Lidl, Homestore & More, DFS furniture, Petmania and Boots. It also has the nine-screen Eye Cinema complex along with a 550-space surface and basement-level car park.In 2022, Minaun Capital made its first investment in the regional retail park market when it purchased Mill Retail Park in Gorey, Co Wexford, from MM Capital for about €4.5 million.