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Report: Hines to sell Dublin office property for €180M

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Report: Hines to sell Dublin office property for €180M

Real estate investor Hines Interests LP is selling its Bishop's Square office property in Dublin, with market sources expecting a guide price of at least €180 million for the property, the Irish Independent reported.

The expected guide price and the grade A multi-let building's €8.7 million annual rental income could reflect a net initial yield of 4.45%.

A decision on whether the property will be offered for sale to the open market or sold as part of a targeted process is yet to be made, the March 21 report added.

Hines bought the building in 2015 from King Street Capital for €92.5 million. The company is building a new penthouse floor and extending the building's fourth and fifth floors to boost the overall floor area to 17,420 square meters from 14,213 square meters.

Tenants at the property include the Office of Public Works, Tourism Ireland, International Fund Services Ireland and NI Group Ltd.

CBRE was appointed to place the asset on sale, the publication added.