Ireland's Health Service Executive (HSE), which provides public health and social care services to those living in Ireland, has acquired a share in Dublin office and residential scheme Elmpark Green for €50 mln.
With the transaction, vendor Starwood Capital has exited its remaining interests in the scheme at a significant discount. The US firm paid €160 mln in 2016 for the office and residential park, plus two other assets which have already been divested.
Elmpark Green was developed by local entrepreneurs Bernard McNamara, Jerry O’Reilly and David Courtney in 2007 for around €550 mln.
Major buildings in the development include the recently refurbished Seamark building, which boasts LEED platinum certification and covers some 184,000 ft2 (17,000 m2). The 91,000 ft2 Vista building is leased to healthcare giant Novartis, and also includes six retail and commercial units.
HSE's interest in the site is believed to relate to its proximity to St Vincent's hospital, which is due to be redeveloped into a maternity hospital. The health authority plans to relocate staff to Elmpark Green in the meantime.
CBRE advised Starwood on the deal, while QRE Real Estate Advisers represented the HSE.
