Irish Hibernian Investment Managers (HIM) is willing to reinvest the capital raised from the EUR 47 mln sale of Carrisbrook House in Ballsbridge in modern city-centre offices, newspaper The Sunday Business Post has reported.
Irish Hibernian Investment Managers (HIM) is willing to reinvest the capital raised from the EUR 47 mln sale of Carrisbrook House in Ballsbridge in modern city-centre offices, newspaper The Sunday Business Post has reported.
HIM, Ireland's third-largest fund manager, said the sale of the eight-storey office building was well ahead of the current valuations. 'HIM is continuing to increase the property weighting of its funds, and the sale represented an opportunity to capitalise on the exceptional demand for development opportunities in Ballsbridge,' said HIM's Hugh Linehan.
The price paid by a consortium led by Bernard McNamara and Gerry O'Reilly underlines the high value of properties in that area of Dublin. The building will be demolished to make way for a larger development. It is understood that the new owners have acquired an adjoining filling station to develop a larger scheme including new office areas.