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

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.