CBRE Global Investment Partners (GIP) and Ardstone Capital have completed the sale of a further re-developed Dublin asset, 100 Mount Street, to Credit Suisse for €20.5 mln, marking the third disposal by the joint venture this month.
CBRE GIP said that the vehicle it had established in 2013 with Ardstone was continuing its 'reposition to core' exits, after selling 2 Harbourmaster Place for €53.75 mln to Real IS and disposing Velasco for €58.0 mln to Irish Life.
'The venture represents a very successful execution on our clients’ behalf. Having identified the Dublin office market as attractively positioned we moved quickly during 2013 and acquired a number of well-located assets that required re-positioning. With the completion of those business plans we have been able to deliver prime office space into a recovering occupier market that is also highly attractive to long term core buyers of real estate,' commented Ian Gleeson of CBRE Global Investment Partners.
100 Mount Street, covering 2,400 m2, has been fully prelet to Irish technology company Asavie, UK recruitment company Harvey Nash and German insurance company Life Ray.
Velasco is an eight-storey office building under construction at the corner of Grand Canal Street and Clanwilliam Place in Dublin 2. The 4,738 m2 new development will be finished to a Leed Gold standard.
2 Harbourmaster Place, a 5,668 m2 building close to the main entrance of the IFSC and Connolly Station, was comprehensively refurbished including a new reception, lift lobbies and roof covering.
