NAMA offloads prime Dublin office asset to Middle Eastern investor

Middle Eastern-backed AGC Equity Partners has made its first foray into Ireland, investing €242m in a Dublin office asset.

The London-based company bought One Spencer Dock in the Irish capital from Ireland’s National Asset Management Agency (NAMA), set up by the Irish government in 2009 to offload €77bn of property and development loans.

The building, one of Dublin’s largest office assets, was put on the market last year at a net yield of around 4.7%.

Treasury Holdings developed the property in 2007.

The 226,624 sqft asset is fully let until 2032 to PwC, with upward-only rent reviews every five years and the next review in April 2017.

Luke Charleton and David Hughes of EY, joint receivers with Davy Real Estate, announced the sale.

Charleton said the asset had attracted “significant interest from domestic and international investors”, a testament to the potential and value of the building.

He said the deal reaffirmed international investor interest in Dublin.

CBRE and Savills were jointly tasked with finding a buyer for the scheme.