London equity firm pays €242m for PwC's One Spencer Dock building
Published 12/08/2016 | 02:30
The PwC building in Dublin's Docklands has been bought by London-based AGC Equity Partners in a €242m deal.
The acquisition of One Spencer Dock represents one of the first big investments by a major institution since Britain's decision to leave the European Union.
Joint receivers Luke Charleton and David Hughes announced the sale of the 21,000 sq m premises yesterday.
The Nama-secured building is occupied in its entirety by financial services company PwC. One Spencer Dock was developed by Treasury Holdings in 2007 and comprises nine storeys excluding a basement.
Mr Charleton said the deal reaffirms international investor interest in Dublin office space.
"We are very pleased to announce the sale... following significant interest from domestic and international investors, which is a testament to the potential and value of a major development such as this," the EY receiver said.
The deal was brokered by agents Savills and CBRE who sold it on behalf of both its joint receivers and Davy Real Estate.
The building is let to PwC under three separate leases that have the same terms. PwC signed a 25-year lease for the office block back in 2007 with a total rent of €11.78m per year.
Around 1,800 employees are based in PwC's Spencer Dock head office with another 1,000 across the country.
Savills' Fergus O'Farrell described the sale as a "significant milestone" for the Irish market, reflecting strong investor confidence.
The biggest standalone block in Dublin City went on sale last year with a market price of around €240m. A deal for the building with propert giant Hines fell through earlier in the year. The collapse of the deal led to accusations that Nama had overreached on the deal.