A real estate joint venture between Hines and Peterson Group has secured an €80m loan from Cheyne Capital to refinance an existing facility and support fit-out works at a mixed-use property in Ireland’s capital.

The loan will help support works at Central Plaza in Central Dublin, known for originally being the home of the Central Bank of Ireland.

Central Plaza, spread across five buildings, includes 100,000sqft of office space and a 65,000sqft food & beverage and retail area.

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, said: “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”.

To read the latest IPE Real Assets magazine click here.

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