Bidding on Cairn Homes apartments hits €96m
The sale by Cairn Homes of its apartment development at Hanover Quay in Dublin's Docklands is on course to secure over €100m.
Ires Reit, German fund Patrizia Immobilien, and US-headquartered real estate giants Hines and Kennedy Wilson are understood to be among the parties to have come through the first round of bidding for the building last week.
The Sunday Independent understands the offers for Six Hanover Quay ranged from €90m-€96m. With the scheme set to comprise 120 apartments, the bids to date equate to a price of between €750,000 and €800,000 per unit.
With apartments in similar schemes achieving prices of up to €900,000, industry sources expect the next round of bidding to drive the price for Hanover Quay over the €100m mark.
Cairn Homes bought the Hanover Quay site for €22m, and expect to spend around €40m on its development.
While the company had originally intended to sell the apartments individually, it began a formal sales process through Savills to sell the entire scheme in response to "significant demand from international capital", looking to secure the building for their respective rental portfolios.
Sunday Indo Business