Hines has outbid three overseas investment companies to buy a row of offices, apartments and shops on Dublin’s South King Street just off Stephen’s Green.
According to the Irish Times, the property investor offered €165M for the investment next to the Gaiety Theatre, which includes more than €40M to finance the redevelopment of an adjoining row of shops and apartments along Chatham Street.
Zara fashion chain founder Amanico Ortega, one of the world’s richest businessmen, and two German funds were the other players in the mix.
Ortega’s interest in the development comes from Zara’s presence as an anchor tenant in the South King Street complex alongside H&M and Warehouse.
The new building has a projected rent roll of €6.8M and when the redevelopment is completed will have 49K SF of retail space and 57K SF of office space.
The seller is U.S. fund Lone Star.
Zara originally agreed a top-up rent of 9% on turnover as well as a base rent of €915K for its store.
Rod Nolan of Bannon and Domhnaill O’Sullivan of Savills are dealing with the sale of the South King Street investment on behalf of Lone Star.
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