Business Commercial Property

Tuesday 23 September 2014

Google, Blackstone buy landmark Dublin office buildings for €165m

Peter Flanagan, Commercial Property Editor

Published 07/01/2014 | 02:30

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The buildings bought by Google and Blackstone

TWO US giants are to spend more than €165m on office buildings in Dublin, as the influx of foreign money into Ireland shows no sign of slowing.

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The private equity firm Blackstone and technology behemoth Google are to take on the "Platinum Portfolio" of four office blocks in central Dublin from NAMA.

Under the terms of the deal, Blackstone will pay €100m for Hume House in Ballsbridge, the Riverside IV Block B and Bloodstone Buildings in the Grand Canal Dock area, while Google will pay €65m for the Grand Mill Quay building on Barrow Street in the docklands where it already has a sizeable presence.

All told, the offices provide about 320,000 sq ft worth of space.

The €165m sale price is far above the €120m the assets had been listed at, and will be seen as the latest sign of a recovery in the Dublin property market.

Before Christmas, another docklands building -- One Grand Canal Square -- changed hands for almost 20pc more than the €75m it was originally on sale for.

The deal is also the latest to be done by Blackstone -- and US firms in particular. Blackstone bought the former Burlington Hotel in Dublin last year, while the firm's chairman, Stephen Schwarzman, personally met NAMA and government officials on a visit to Dublin two years ago.

Other investors, such as Los Angeles-based KennedyWilson, have poured hundreds of millions into Ireland.

Hume House earned notoriety when developer Sean Dunne paid €130m for the building in 2006.

Blackstone, Google and NAMA all declined to comment on the acquisitions.

Irish Independent

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