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Google has dramatically confirmed that it is not just a tech giant — it is morphing into a property giant.
The Alphabet-owned business has paid around €300M to acquire the entire 396K SF Bolands Quay development, Dublin as it expands its global property portfolio.
NAMA, who provided the funding to complete the development, sold Bolands Quay through Savills.
Google will retain the 301K SF office element for its own use and will appoint a commercial letting agent to manage the letting of the remaining cafés, shops and apartments, the Irish Examiner reported.
The latest buy comes as Google more than doubles its global spend on property and equipment. Accounts published in April revealed that capital expenditure on "purchases of property and equipment" in the first quarter rocketed from to $2.5B to $7.3B. About half of this total is thought to involve computing capacity, but it nevertheless suggests investment on property rose sharply, The Street reported.
Last summer Google was reported to be "buying up real estate parcels like a land speculator" in the vicinity of its Silicon Valley base.
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