Orion European Real Estate Fund IV, CV sponsored by Orion Capital Managers and Quadrant Estates, which will act as asset manager, announced today that they have agreed to acquire Ireland’s busiest cinema, the Cineworld Complex in Parnell Street in the heart of Dublin, from Jones Lang LaSalle and Wealth and Property Solutions Limited acting on behalf of a syndicate of investors. Financial details of the transaction are undisclosed.
The 140,000 ft² (approx. 13,000 m²) Cineworld Complex , which comprises a 17 screen (including IMAX) cinema over four levels providing a total of 3,360 seats together with an entrance foyer, licensed bar and concessions. The property has been fitted out to a very high standard by its current operator, Cineworld Cinemas, with state of the art digital projectors in all of the 17 screens. The IMAX screen is the largest of its type in Ireland and was completed in 2012.
In addition to the Cinema, the property comprises a basement level which has been let to Nightmare Realm for a themed venue. Furthermore the former cinema entrance foyer extends to over 3,000 ft² (approx. 278 m²) and is currently vacant but would make an ideal location for a restaurant tenant given its location and significant street frontage.
Aref Lahham, managing director and founding partner of Orion Capital Managers commented:
“Orion acquires investments in prime positions where it sees strong potential for income growth and asset management opportunities and the Cineworld Complex in Dublin provides both.”
Christopher Daniel, Director of Quadrant Estates said:
“The opportunity to asset manage the Cineworld Complex in Dublin presents a very interesting prospect for us. As Ireland’s busiest cinema complex, the fundamentals of the asset are sound yet there are significant opportunities to add value. In addition, the space available should appeal to major leisure brands looking for high profile exposure in the City on this prime retail thoroughfare.”
Montagu Evans acted for Orion and Quadrant Estates.
Source: Quadrant Estates