International real estate firm Hines has completed the acquisition of Chatham & King, a mixed-use asset in Dublin, on behalf of the Hines Pan-European Core Fund (HECF). The seller is an affiliate of Lone Star Real Estate Fund III.
Financial details were not disclosed, although Hines said that the acquisition brought the HEFC portfolio to 18 properties with an aggregate value in excess of €1.1 bn, representing an average value of over €61 mln per asset.
'As one of Europe’s most attractive growth cities, Dublin is an important market for HECF and with its prime qualities for both its office and retail use, Chatham & King represents a perfect opportunity to own an asset in this key market,' said Peter Epping, senior managing director and fund manager of HECF.
Located adjacent to Grafton Street and St Stephens Green in the heart of the city centre, the asset represents HECF’s second acquisition in Dublin following the purchase of the Grafton Collection portfolio in 2016 and 2017.
Mixed-use building
The deal comprises an existing mixed-use building with retail units comprising 33,500 ft2 (3,100 m2) occupied by Zara, H&M and Warehouse, and data analytics management firm Qualtrics, occupying the 31,000 ft2 office space above as its European headquarters.
Included in the sale is the Chatham Court building, the second phase of the asset to be developed by Lone Star and delivered in the next 24 months. It will include five retail units totaling 15,597 ft2.
'Over the past year we have been working to further strengthen our position in established and emerging European markets. In the last 24 months, including Chatham & King, we have invested roughly €470 mln in prime city centre assets through HECF, and we will continue to pursue further strategic acquisition opportunities,' concluded Lars Huber, CEO of Hines Europe.
HECF holds assets in eight different countries.
