Hines Wins 2.1M SF Cherrywood Consent As It Liquidates $4B REIT Assets
U.S. investor Hines has won permission for its 2.1M SF redevelopment of the Cherrywood site, south of Dublin, as the firm prepares a $4B liquidation of its unlisted global REIT.
The €1B Cherrywood site — acquired by Hines in 2014 and hailed as Ireland's largest single urban development project — will see the creation of 585K SF of commercial floorspace along with 1,300 apartments for the build-to-rent market, the latter being undertaken in a joint venture with Dutch pension fund APG Asset Management. The development could start on site as soon as this autumn.
Dún Laoghaire-Rathdown County Council's green light for the site, which incorporates the existing Cherrywood and Bride's Glen Luas stops, comes as Hines looks to secure approval to liquidate the asets of its Global REIT. The REIT closed to investors in 2014.
The piecemeal sale of the portfolio — which includes two London Docklands office buildings, but no properties in Ireland — is expected to raise $4.4B.