South Korean Investor Hana Paying €237M For Two Dublin Blocks Tenanted By WeWork

Dublin Landings scheme
Courtesy of CBRE
The Dublin Landings Scheme

Reflecting ongoing interest in the Dublin office market from Korean investors, Seoul-headquartered Hana Financial Group is reportedly acquiring two separate blocks — both leased to WeWork — for a combined €237M.

The banking holding company is buying Charlemont Exchange, which has recently been refurbished and extended, from Marlet Property Group for €130M, according to CoStar.

WeWork is understood to have agreed to lease all 122K SF of the four-block scheme, with Amazon reportedly taking three of the blocks on a sub-lease basis.

Hana is also apparently close to exchanging contracts on Ballymore and Oxley’s No. 2 Dublin Landings for €107M. That building was put on the market at the beginning of June with a €98.8M price tag.

Five Korean investors are understood to have been involved in the bidding for the 99.5K SF block, which is fully let to WeWork on a 20-year lease with no break options.

No. 1 Dublin Landings — a 149K SF block leased to the NTMA — was bought by German fund manager Patrizia, through its Triuva subsidiary, for €164M. That sale generated significant interest from Korean investors.

According to CoStar, Vestas Investment Management is fronting the Charlemont Exchange deal, while South Korean asset manager JR AMC is the face of the Dublin Landings sale.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Dublin Newsletters
Related Stories

Hines Closes $591M Multifamily DST Offering

CBRE Leans On Data Center Business As Higher Rates Squeeze Capital Markets

Blackstone Writes Down Real Estate Values But Remains Bullish On Data Centers

Debt Flood Shrinks Bank OZK's Real Estate Book Faster Than Planned

Lender Wants Blackstone, Hudson Pacific To Sell Vacant Sun Valley Studio

Apollo To Buy Majority Stake In $2B UDR Portfolio

Norges Bank Commits €1.5B To European Logistics With Ares Collab

Foreclosure Auction Set For Loop Office-To-Residential Conversion

Elecor, Formerly Paramount Group, Gains New Muscle With Rithm In Its Corner

Blackstone's $1.3B Multifamily Loan Hits Special Servicing After Missing Maturity

HSAM Europe Targets €3B In Senior Real Estate Loans In UK And Beyond

Big Banks Take Bigger CRE Losses As They Clear Out Problem Loans