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Kookmin Bank, the South Korean investment house, has bought the 190K SF Beckett Building in Dublin Docklands for €101M, becoming the latest Asian investor to buy into Dublin.
The sale of the block developed in 2007 by Liam Carroll means that Facebook's city office is now in overseas hands, the Irish Times reports.
Knight Frank Investment Management and South Korean firm LB Asset Management advised Kookmin.
The sale by Comer Group comes as the 99K SF 2 Dublin Landings is offered for sale at an asking price of €98.8M, a net initial yield of 4.5% after a pre-let to WeWork, with Asian investors again tipped to take a keen interest.
The building is being developed by Singapore-based Oxley and local partner Ballymore, and work on site is due for imminent completion. CBRE is advising on the sale.
Data from Cushman & Wakefield show the massive inward flow of overseas capital into Dublin's high-end office market during the first quarter.
Overseas capital accounted for €704.5M of the quarter’s €933M investment
turnover, an impressive 75% of activity, and was particularly active in the higher end of the market.
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