Deutsche Finance International (“DFI”), the London based pan-European private equity real estate investor specialising in operational real estate, in joint venture with BCP Capital in Dublin (together the “JV”), has acquired the Central Hotel and Trinity Street Car Park in prime central Dublin, in an off-market transaction for an undisclosed amount. The investment follows the recent close of DFI’s inaugural fund, DFI European Value-Add Fund (“DFI EVAF” or the “Fund”), with €436 million of equity, including co-investment.
The Central Hotel is located on Exchequer Street, off Grafton Street, one of Dublin’s principal retail destinations and comprises 70 rooms over four floors with additional retail / F&B units on the ground floor. The JV intends to undertake a capital expenditure programme to refurbish the hotel, add rooms and improve the F&B offering, allowing it to benefit from the Irish capital’s growing levels of tourism and business travel, which are driving high demand for good quality hotel accommodation in a market that remains undersupplied. Windward Management, one of Ireland’s leading Hotel Management companies, has been brought in as the hotel operator.
Trinity Street Car Park, which is walking distance from the Central Hotel, comprises 171 car-parking spaces with ancillary retail and office use over five floors. The JV plans to enhance the asset’s income through the activation of potential alternative uses within the property, which sits in the tourism and leisure heart of the city.
Source : DFI