Monday 20 November 2017

Hines advised French buyer on St Stephen's Green deal

Hines advised on CNP Assurances purchase of the LXV building in central Dublin.
Hines advised on CNP Assurances purchase of the LXV building in central Dublin.
Peter Flanagan

Peter Flanagan

US investment firm Hines is believed to have advised the French fund which bought the LXV office building in central Dublin last month.

Hines acted as advisor to CNP Assurance, which took control of the property on St Stephen's Green in a deal estimated at €85m. Hines does not have any equity in the property.

The LXV was formerly controlled by businessman Denis O'Brien.

The building, which is nearing completion, sits on the site of the former Canada House on the corner of Earlsfort Terrace and St Stephen's Green. It was one of the first office blocks in the city to be redeveloped during the current market cycle, when work began in 2014.

As one of the first movers on the market, the property was quick to secure the highest rent in the current cycle when aircraft leasing firm Aercap agreed terms to take space there for €60 per sq ft.

The property is likely to have a rent roll of around €3.6m while additional income will come from car parking spaces at basement level.

CNP has interests across the world and manages assets of about €300bn.

A Hines spokesman declined to comment.

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