Alternative lenders are set to play an increasingly important role in the Dublin commercial real estate market. And deals such as the €102M financing of Marlet Property Group’s Shipping Office scheme are likely to accelerate as the year goes on, according to Cheyne Real Estate.

Established in 2000, London-headquartered Cheyne Capital is an active investor in Ireland, and Investment Analyst Anna Bulach told Bisnow that volatile valuations and the lack of liquidity in the market have limited the scope of traditional banking.

"This creates opportunities for alternative lenders like us," Bulach said. "We can step in to help restructure, recapitalise and, ultimately, get projects moving again, acting more as partners to our borrowers to help them navigate challenges along the way.”

Marlet Property Group secured the €102M refinancing facility for its Shipping Office scheme, developed on the site formerly occupied by the British and Irish Steam Packet Co. on Sir John Rogerson’s Quay in Dublin’s south docklands.

It comprises 182K SF of office accommodation over eight storeys, plus a 13K SF roof garden. It is on course to achieve LEED Platinum certification and nearly zero-energy building status, according to Marlet.

“Dublin has always been an important market for Cheyne and is one where we have been an active lender for a number of years," Bulach said. "Despite the slowdown in investment activity in recent months, we expect the city to continue to attract strong investment due to its growing presence in the global economy, not just in the tech sector, but other emerging science-led sectors as well, its resilient economy, its strategic position in Europe and its highly skilled workforce.

“We currently see attractive debt investment opportunities in the office sector as well as mixed-use sector, driven by demand for high-quality, more sustainable assets in the right locations where people want to work and live.”

Bulach described the partnership with Marlet as “a natural fit” and said that the Shipping Office was a “good example of the firm’s commitment to Dublin.”

McCann Fitzgerald advised Marlet on the refinancing transaction, while Conduit Re acted as arranger of the facility. Cushman & Wakefield is managing the letting of the building.

The Shipping Office came close to being leased to TikTok prior to completion, along with Iput’s 80K SF Tropical Fruit Warehouse on the other side of Sir John Rogerson’s Quay. While TikTok proceeded with its plan to occupy the smaller property, it withdrew from negotiations for the Shipping Office.