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Dublin’s Investment Market Got Off To A Flyer — Here Are The Deals That Drove It

Dublin, and Ireland more generally, had a great first quarter in terms of real estate investment volumes.

About €930M traded in the first quarter in Ireland, according to JLL, three times more than in the same period in 2017. That means the market is likely to equal or better the €2B traded in 2017.

Looking specifically at Dublin, here are the five biggest deals from the first quarter, according to Real Capital Analytics. They highlight the breadth of buyers active in the market today.

Eir's HQ was the biggest deal in Dublin in Q1

Eir HQ

U.S. private equity firm Northwood Investors sold the 226K SF Eir HQ near Houston Station for €176M to a private Far Eastern client of BNP Paribas Real Estate. It is one of the largest assets to have been bought in Ireland by the Asian investors scouring the globe for prime assets. The lease on the building runs until 2033.

1 Dublin Landings

German fund manager Patrizia, through its Triuva subsidiary, snapped up Ballymore and Oxley’s 1 Dublin Landings for €164M, as part of a wider push into Dublin which includes investment in the rented residential sector. The 143K SF building is leased to the National Treasury Management Agency.

South King Street, Dublin

South King Street

In one of the largest high-street retail deals of recent years, Hines bought a retail and office scheme on South King Street on behalf of German investor BVK for €158M from Lone Star. The retail element of the scheme is leased to Zara, H&M and Warehouse, and Zara owner Amancio Ortega was one of the underbidders.

Cherrywood Business Park

Hines was a seller as well as a buyer in the first quarter, offloading the business park element of its wider Cherrywood development scheme to U.S. value-add investor Spear Street Capital for €145M. The eight-building campus totals 579K SF.

Citywest hotel, Dublin

Citywest Hotel buyout

Irish investor Tetrarch bought partner Pimco out of the 764-room Citywest Hotel in Saggart. Pimco was previously the majority owner. The price was not disclosed, but Tetrarch funded the purchase with a €60M loan from Starwood, so the deal size is likely to have been greater than this.