Ardstone Capital e CBRE Global Investment Partners vendono a Dublino

CBRE Global Investment Partners and Ardstone Capital have completed the sale of a further re-developed asset, 100 Mount Street, as the vehicle they established in 2013 continues its “reposition to core” exits. The Mount Street asset has been sold to Credit Suisse for €20.5m and represents the third disposal by the joint venture this month closely following the sales of 2 Harbourmaster Place for €53.75m to Real IS and the sale of Velasco for €58.0m to Irish Life.

The joint venture between CBRE Global Investment Partners and Ardstone Capital was set-up in 2013 to focus on well-located Dublin CBD office assets which required repositioning. The venture has been successful in sourcing attractively priced assets, executing refurbishment, leasing and development business plans to deliver modern Grade A office space to the market.

Ian Gleeson of CBRE Global Investment Partners commented “The Venture represents a very successful execution on our clients’ behalf. Having identified the Dublin office market as attractively positioned we moved quickly during 2013 and acquired a number of well-located assets that required re-positioning. With the completion of those business plans we have been able to deliver prime office space into a recovering occupier market that is also highly attractive to long term core buyers of real estate.”

100 Mount Street is a fully refurbished 26,000 sq ft multi-let office building.  Two thirds of the building were pre-let to Irish technology company, Asavie and the remaining two floors have been let to UK recruitment company Harvey Nash and German insurance company Life Ray. The rental level achieved was €45 per sq.ft. The building, is very highly specified with full air conditioning throughout, shower facilities, new signature windows, striking reception and entrance and a very rare private rear garden and roof terrace.

Velasco is an eight-storey office building under construction at the corner of Grand Canal Street and Clanwilliam Place in Dublin 2. The 4,738sq m (51,000sq ft) new development will be finished to a Leed Gold standard and a BER A3 rating and will have 13 car-parking spaces at basement and podium levels. Floor plates will have an ideal size ranging from 475 to 725 sq m (5,100 to 7,800 sq ft).

2 Harbourmaster Place, a 5,668sq m (61,012sq ft) building close to the main entrance of the IFSC and Connolly Station. Since acquiring the former McCann FitzGerald building, Ardstone Capital and CBRE Global Investment Partners carried out a number of improvements including creating a new reception area and lift lobbies and providing a new roof covering and exterior landscaping.

Source : Joint  press release

Testata giornalistica non registrata ai sensi dell’Art.3 bis del D.L. 18 maggio 2012, n. 63 convertito in Legge 16.07.2012 n°103

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