Google, Blackstone buy landmark Dublin office buildings for €165m
Published 07/01/2014 | 02:30
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.
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.