Private equity group Orion Capital Managers has teamed up with Quadrant Estates to acquire the Cineworld Complex in Parnell Street in the heart of Dublin.
Private equity group Orion Capital Managers has teamed up with Quadrant Estates to acquire the Cineworld Complex in Parnell Street in the heart of Dublin.
Financial details of the transaction were not disclosed, but the price is believed to be in the region of €23 mln.
The 140,000 sq ft (13,000 m2) Cineworld Complex was bought from Jones Lang LaSalle and Wealth and Property Solutions acting on behalf of a syndicate of investors. Orion closed the deal on behalf of its Orion European Real Estate Fund IV.
The complex comprises a 17 screen (including IMAX) cinema over four levels providing a total of 3,360 seats together with an entrance foyer, licensed bar and concessions. The property has been fitted out by its current operator, Cineworld Cinemas, with state-of-the-art digital projectors in all of the 17 screens. The IMAX screen is the largest of its type in Ireland and was completed in 2012.
In addition to the cinema, the property comprises a basement level which has been let to Nightmare Realm for a themed venue.
'Orion acquires investments in prime positions where it sees strong potential for income growth and asset management opportunities and the Cineworld Complex in Dublin provides both,' said Aref Lahham, managing director and founding partner of Orion Capital Managers.
Quadrant Estates will act as asset manager. Montagu Evans acted for Orion and Quadrant Estates.
