Sunday 23 October 2016

Deal finally closes for €40m sale of 3 Harbourmaster Place

Published 05/05/2016 | 02:30

Harbourmaster III office block in central Dublin.
Harbourmaster III office block in central Dublin.

The long awaited deal for the Harbourmaster III office block in central Dublin has closed for a little over €40m.

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A fund tied to Italian bank Intesa Sanpaulo has bought the property, which was being marketed by CBRE and Savills.

It is expected that Intesa will consolidate its Dublin operations from three locations around the city into the block.

The deal however is being conducted at arms length by the fund as it is a separate entity to the Intesa firms which will be moving into it and has separate shareholders.

The deal was announced back in March but in a sign of how long it is taking to get a deal over the line in the current environment, the sale did not formally close until this week.

The 52,000 sq ft office building was on the market on the instructions of Grant Thornton. The sale was handled by CBRE's Colm Luddy and Savills' Domhnaill O'Sullivan.

The sale is the latest in a string of major deals in the IFSC, where prices have been slower to recover than the more trendy office blocks around Grand Canal Dock which has seen most of the big ticket office deals in recent months.

Susquehanna International Group paid close to €34.5m for International House in the centre three years ago, while Ardstone Capital paid €37.5m for 2 Harbourmaster Place two years ago.

Hibernia Reit meanwhile is refurbishing Commerzbank House and Guild House, now renamed One Dockland Central on Guild Street.

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