An opportunity fund advised by European real estate investment manager Tristan Capital Partners has agreed with joint receivers Grant Thornton to purchase the prestigious Point Square development site known as The Exo in Dublin’s North Docks for an undisclosed amount.
The purchase of the Nama secured development site completed in late December 2017 with development finance now being made available to the receivers to start construction.
Bennett Construction, the international family owned construction services company, has been appointed as the main contractor for the project, which has development rights for 169,150 sq ft (15,700 m2) of prime office space. The Exo development will be Dublin’s tallest commercial office building at 73 meters in height.
Construction is expected to commence on site before month-end with practical completion due in the first quarter of 2020. Savills and CBRE have been instructed to secure pre-let agreements with tenants.
Tristan's European Property Investors Special Opportunities IV (EPISO 4) Fund completed the acquisition with SW3 Capital, the fund’s local operating partner on the joint venture. SW3 Capital will also take a minority interest in the project.
It is the third investment made by the Fund and SW3 into the Dublin market. The receiver was represented by Savills on the transaction.
The development of the Dublin Docklands SDZ is a major priority for Irish bad bank Nama, which initially held an interest in 75% of the 22 hectares of developable land in the SDZ area. Nama has also funded planning permission and detailed design of the ‘Exo Building’.
Peter Mather, managing director of Investments at Tristan Capital Partners, said: 'Brexit has amplified Dublin’s status as a sought after destination with strong economic growth and continued foreign investments into Ireland. Dublin’s North Dock area is rapidly becoming the city’s destination for modern and accessible office space. The future EXO project will bring Grade A office space in Dublin to new heights with spectacular city views.'
