HWBC secure deal for City Gate blocks
HWBC has acquired Blocks A&B in the newly completed second phase of the City Gate Development in Cork on behalf of clients Irish Life. Irish Life has acquired City Gate for its Pension Irish Property Fund, which is a unit-linked policy-holder fund with a portfolio value of approximately €462m.
The €40m deal is the latest to involve HWBC this year, including La Touch House in the IFSC, which was acquired for €35m on behalf of Credit Suisse.
Blocks A and B of City Gate Park has around 217,000 sq ft in floor space and another 442 parking spaces.
It is predominately leased to EMC, Ronan Daly Jermyn Solicitors, Quest Software & FireEye. The ground floor retail is leased to Furniture retailer DFS and Starbucks.
Block C of the development was acquired by Dell and occupied in November 2012.
Mahon is adjacent to the South Ring Road network and is approximately 4km from Cork city centre and less than 10 minutes from Cork airport. Mahon is a key office location for foreign direct investors seeking office space in the region
The office block was the only active office development when it was constructed in 2012.
Tony Waters, Investment Director at HWBC, said: "This transaction shows that the appetite for prime assets extends beyond Dublin and into the main regional cities. We expect to see several large transactions close before the end of the year, ensuring that 2013 will be the most active year in the Irish commercial property sector since 2007."