San Francisco-based property investor Spear Street Capital has paid €145 mln for eight office blocks in Dublin being developed by Hines, according to the Irish Independent.
The Houston-headquartered investor and developer behind the Cherrywood Business Park in South Dublin has sold the commercial assets to offset €160 mln of costs for the infrastructure and utilities across the Cherrywood development site, the report said.
Cherrywood is a government-designated Strategic Development Zone project to build a new town in the borough of Dun Laoghaire-Rathdown comprising over 7,700 new homes, six schools, three major parks and leisure facilities, supported by an existing light rail system and serving an eventual planned population of 25,000 people.
Last week, Hines confirmed that it had entered into a joint venture with Dutch investor APG Asset Management (APG) to develop and hold the Build-to-Rent multifamily residential element and ancillary retail space at Cherrywood.
Hines will co-invest alongside APG into the joint venture which will fund both the land and the construction of 1,221 fully serviced Build-to-Rent apartments along with street level shops and cafes in the new Cherrywood Town Centre. The total development cost for this project is around €450 mln.
