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Report: Oxley Holdings, partner to sell office asset in Dublin project for €164M

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Report: Oxley Holdings, partner to sell office asset in Dublin project for €164M

Irish developer Ballymore and Singapore's Oxley Holdings Ltd. are expected to close a €164 million sale with German institutional investor TRIUVA Kapitalverwaltungsgesellschaft mbH for the first office building in the Dublin Landings development following its practical completion in February or March 2018, The Irish Times reported.

The 10-story No 1 The Landings on North Wall Quay is among the five office assets comprising the more than 100,000-square-meter development in Dublin docklands. Joint brokers CBRE and Knight Frank were tapped in October to market the property at upwards of €150 million. Triuva, expected to register a 3.95% net initial return, triumphed over nine other bidders from Europe, Middle East and Asia, according to the report.

National Treasury Management Agency will occupy the 13,300-square-meter asset at a contracted €538 per-square-meter rent. The 25-year lease, which includes a €4,000 payment for each of the 44 car parking spaces and a break option after 15 years, is expected to amount to over €7 million annually.

The Irish Independent reported in October that National Asset Management Agency — holder of a 20% stake in the joint venture — stood to make €20 million from the sale.

Dublin Landings will also feature 297 apartments alongside offices, retail and restaurant facilities. The Irish Times' Dec. 2 article noted a second office block, having a 8,825-square-meter floor area, as close to completion. It will be offered for sale in the international market after securing a tenant.