Wednesday 18 October 2017

Dublin is world's third-hottest office and retail play - Hines

Dublin has been ranked as the third-best office and retail investment opportunity in the world by global real-estate investment group Hines
Dublin has been ranked as the third-best office and retail investment opportunity in the world by global real-estate investment group Hines
Sarah McCabe

Sarah McCabe

Dublin has been ranked as the third-best office and retail investment opportunity in the world by global real-estate investment group Hines.

Office and retail property investments in Dublin still offer significant upside despite having already recovered value in recent years, according to Hines Real Estate Ireland's senior managing director, Brian Moran.

"We track 122 cities globally and Dublin would be in the top three for attractive investments," Mr Moran said.

He added: "Obviously, it's not as liquid as New York or Paris, but on an attractiveness basis, it is number three in our global analysis."

Hines's Boston-based global research team tracks property investment opportunities in cities around the world with a population of more than a million.

Its findings contradicts comments made in recent months by some other commercial property experts, warning that the Dublin market was overheating.

Office rents for the top areas of Dublin have grown by more than 50pc in two years.

Hines is the company behind plans for a brand new town in Cherrywood, on the outskirts of Dublin city, as well as the expansion of Liffey Valley Shopping Centre, which it part-owns.

Work on utilities, roads and parks at Cherrywood is due to begin this summer, pending the granting of a last permit.

Hines was also recently selected by Germany's largest pension scheme group, Bayerische Versorgungskammer (BVK), to execute a €1.3bn war chest targeting prime high-street retail assets across Europe. Of 20 European cities being targeted, Dublin is the top priority.

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