AGC Equity Partners has acquired One Spencer Dock to Limited in Dublin for €242 mln, marking the first big investment by a major institution following the Brexit referendum.
The property, which is fully occupied by professional services firm PwC, was brought from receiver EY on behalf of NAMA and Davy Real Estate. AGC Equity Partners is a London-based alternative asset manager acting on behalf of Middle Eastern investors.
Commenting on the sale of the 21,000 m2 Dublin office block, joint receiver Luke Charleton of EY said the sale had taken place following 'significant' interest from domestic and international investors. 'This is a testament to the potential and value of a major development such as this. This is a successful outcome which reaffirms the international investor interest in Dublin.'
One Spencer Dock is renowned as a landmark building in a prime Dublin office location. The property was developed by Treasury Holdings in 2007 and designed by Scott Tallon Walker Architects. The building comprises a nine storey over basement modern office facility which provides Grade A accommodation with 100 basement car parking spaces.
Spencer Dock and the wider docklands area is gearing up for the next phase of development which will see new office, retail and residential developments transforming the skyline. This will in part come from the future development of the remaining Spencer Dock site, the Project Wave site, City Quay and the Exo Building adjacent the 3 Arena.
Savills and CBRE acted on behalf of the vendors.
