International developer opens office in Dublin
Hines, the international property developer and investment firm with $23bn (€16.2bn) of assets, has opened a Dublin office with a view to buying offices as well as development properties with retail and residential prospects.
Its office will be led by Dubliner Brian Moran, who was involved in the Fatima regeneration project in Dublin 8.
One of Hines's investment vehicles, Hines Global REIT, recently paid £94m (€107m) for Stonecutter Court, a London office block which it bought from the Brooklands Group, whose shareholders include Irish investors.
The 152,800sqft development, at 80 and 81 Farringdon St London EC1, is let to Deloitte and the price suggests a 6.25pc yield.
Hines is also in advanced negotiations to acquire a second UK property with Irish connections. Its arrival here contrasts with the fears that international property investors would shun the Irish market because of the Government threat to upward only rent reviews.