Works at Central Plaza, a landmark mixed-use property in the heart of Central Dublin, known for originally being the home of the Central Bank of Ireland are to be supported by a senior loan from Cheyne Capital and Hines. Central Plaza is one of the project supported by the €80m joint venture loan.
Central Plaza comprises 9,290m2 of Grade A office space with flexible floorplates and a unique structural design in a prominent location in the heart of Dublin’s most iconic square. A further 6,038m2 houses food & beverage and retail accommodation. Spread across five buildings, Central Plaza currently has 13 tenants.
Andreas Dimitriou of Cheyne Capital Real Estate said: “We are pleased to be aiding the completion and stabilisation of this beautiful, landmark property in such a highly sought-after location in Central Dublin. Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment and the asset’s high quality and strong target ESG credentials, including BREEAM “Excellent”, LEED Gold and a Net Zero Carbon status.”
Peter Lynn, Managing Director of Hines added: “Following successful completion of construction and substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan. We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this truly unique asset.”