International real estate investment firm Hines has continued its foray into the Irish market by acquiring Dublin's Central Bank buildings in a deal worth €67 mln.
Hines has acquired the assets in partnership with Hong Kong-based Peterson Group, marking the first collaboration between the two companies. The firms are currently considering future plans for the two buildings, located on Dame Street and at 2 Grand Parade in Dublin 6.
The vendor was Ireland's Central Bank, which will continue to occupy the main building until March. Irish media quoted the bank as confirming the sale price as “in the region of €67 mln”.
Last month Hines acquired four prime properties in central Dublin on behalf of four German pension funds, to be developed as student housing, for €240 mln.
Hines and Peterson Group said they were considering future plans for the Central Bank buildings. The Dame Street building dates from 1978, while 2 Grand Parade comprises 4,800 m2 across eight storeys on a 0.7 ha site and is currently occupied by Amazon.
Lars Huber, CEO of Hines Europe, said: 'Ireland is an important market for Hines and these latest acquisitions complement our existing portfolio and enhance our market share. We look forward to working with Peterson Group to deliver value add strategies for these landmark buildings.'
Peterson Group managing director Tony Yeung added: 'Dublin has been performing strongly after the global financial crisis and we see these investments as strategic expansion for our European portfolio. The group continues to seek opportunities throughout Europe and treasures relationships with solid partners who are specialists in their sectors.'
