Dublin PayPal Has A New Landlord
An unknown investment company has bought the PayPal offices in Ballycoolin Business Park in Blanchardstown, Dublin, for an estimated €24M.
The three interconnecting office buildings and a purpose-built light industrial unit all occupied by PayPal, the online payments system, have a rent roll of over €2M and a net yield of 9%, the Irish Times reports.
CBRE's Colm Luddy guided the off-market deal for the U.S. business services company Xerox.
Office rents in the buildings average about €14/SF while industrial rents are fixed at €11/SF.
All four buildings are subject to rent reviews in 2019 and include break options in 2024 which probably influenced the overall selling price of the portfolio. Ballycoolin is better known as an industrial park than an office venue which may also have stifled investor interest in it.
Built more than 20 years ago, the three interconnecting office buildings have an overall floor area of 143K SF. There is a large canteen on the ground floor of Block 4, a 600-space car park and an additional seating area outside.