A fund advised by real estate investment manager Meyer Bergman and BCP International Property Fund has agreed to acquire a block of three High Street buildings in a prime location in downtown Dublin for a sum in excess of €90m.
The mixed-use buildings are located on the western corner of Nassau Street and Dawson Street, opposite Trinity College. Built in the 1970s, they currently provide 101,200ft² of space, parking for 125 vehicles and shop units that are currently occupied by Tiger Retail, House of Ireland and Millenium Gourmet Foods. Acquired from a fund advised by Aviva Investors, the purchase is scheduled for completion in the first quarter of 2016.
Meyer Bergman will own the majority share, with BCP Private Equity and BCP International Property Fund together committed to take up a third of the project. With their sights set on looking at options for improving and adding value to the asset, the site is low density and could accommodate approx. 200,000ft² of space in a combination of extensions, redevelopment or refurbishment.
George Walsh-Waring, a Principal at Meyer Bergman, said: Central Dublin is a market we have been targeting for the right opportunity for the past few years. This acquisition highlights Meyer Bergman's sourcing capability in a highly sought after market where our reputation as a retail and mixed-use specialist has given us the competitive advantage."
Blake Loveless, a principal at Meyer Bergman, said: "Ireland offers some of the strongest growth prospects in the Eurozone and this asset is superbly located in Dublin's prime shopping district, with direct access to Grafton Street. We see plenty of asset management opportunities for the buildings, given the shortage of large retail units in the area and the considerable appeal of the Dawson Street address to office occupiers."
Dublin has seen a strong increase in investment and consumer demand, with prime retail streets effectively fully occupied - enhancing their appeal to international and domestic investors and occupiers. Employment levels are growing, exchequer returns are ahead of target and financing conditions for the Irish government remain very positive.
