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 €58m 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.
100 Mount Street is a fully refurbished 2,415m² 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.
2 Harbourmaster Place is a 5,668m² building close to the main entrance of the IFSC and Connolly Station. Velasco is an eight-storey office building under construction at the corner of Grand Canal Street and Clanwilliam Place in Dublin 2, 4,738m².
