Wednesday 16 October 2019

Starwood in €530m Dublin sell-off

Stock image
Stock image

Peter Flanagan

US investor Starwood Property is lining up a sale of its €530m portfolio of Dublin offices bought after the crash, in what would be one of Ireland's biggest post-recovery property deals.

Starwood has hired CBRE and Eastdil Secured to sell the offices in central Dublin for about €530m, according to a source who asked not to be identified as the information is not public.

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The portfolio could be placed on the market as soon as July.

Starwood bought the portfolio in 2015 as the country recovered from the worst property crash in western Europe after the global financial crisis.

A host of international investors bought Irish real estate after the collapse, and have since sold on as prices recovered.

The deal comes as stock market-listed property investor Green Reit, one of the country's biggest commercial landlords, seeks a buyer.

The two sales will represent a test of investor confidence in Ireland's latest real estate boom.

Among the offices included in the sale will be the Watermarque Building in the so-called Silicon Docks.

Starwood's tenants in Dublin include Marsh & McLennan Cos, Airbnb Inc and WeWork.

A spokesman for Starwood didn't comment.

Bloomberg

Irish Independent

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