Property trust REIT to buy Marker Residences development for €50m
Published 13/06/2014 | 08:37
Irish Residential Properties REIT is buying the Marker Residences apartment development complex in Dublin's south docklands for just over €50m.
Brehon Capital and Midwest, which is the seller, acquired the residences and retail development in 2011 as part of the mixed-use complex that includes the award winning Marker Hotel for €30m beside Grand Canal Square.
The building comprises 84 luxury apartments completed to exacting standard in addition to 6 fully occupied commercial units at ground floor level, with car parking provision for 113 spaces at basement level.
Irish Residential Properties REIT is a trust and is listed on the Irish Stock Exchange.
Kevin McGillycuddy, Managing Director of Brehon Capital Partners, said: "I-RES has purchased an exceptional property with a level of design excellence that makes it unique in the Irish market.
"The sale confirms the long-term investment potential of the Docklands where Brehon Capital Partners will continue to own the Marker Hotel. We believe I-RES will be an excellent neighbour as the new owners of the Marker Residences.”