DekaBank and ING Real Estate Finance have provided a total of €144 mln in financing for the acquisition of One Spencer Dock in Dublin, the largest-ever single-property investment transaction in Ireland.
The five-year loan is also one of the largest provided in Ireland during this cycle. DekaBank's share of the financing was €88 mln, with ING Real Estate Financing responsible for the balance.
Middle Eastern investors, advised by London-based AGC Equity Partner, finalised the €242 mln purchase of the Dublin headquarters of professional services group PwC on 23 June this year, while the UK public was voting in the Brexit referendum. Savills and CBRE had marketed the property at One Spencer Dock at North Wall Quay in the Irish capital on behalf of receivers, acting for Irish bad bank Nama.
The Class A office property was built in 2007 and borders the site of the new headquarters of the Central Bank of Ireland, which is currently under construction. One Spencer Dock is fully leased to PwC.
