Wednesday 18 July 2018

Tristan fund buys EXO development

An artist’s impression of the proposed EXO building, at Point Square in Dublin’s docklands, which will be the city’s tallest office block
An artist’s impression of the proposed EXO building, at Point Square in Dublin’s docklands, which will be the city’s tallest office block

Ronald Quinlan Commercial Property Editor

The construction of Dublin's tallest office building is to get under way in the coming weeks following the sale of its development site to a European investment fund.

A spokesman for European real estate investment specialists Tristan Capital Partners said yesterday that it had advised the European Property Investors Special Opportunities IV (EPISO 4) Fund on a deal to acquire the EXO development site at Point Square in the city's north docklands from Nama-appointed receivers Stephen Tennant and Paul McCann of Grant Thorton.

The fund completed the transaction for the EXO site with local operating partners, SW3 Capital towards the end of last month, the spokesman said. The purchase represents the third investment by the fund and Sw3 Capital in the Dublin market. While no information was provided in relation to the price paid for the EXO site, it is understood that between €70m and €80m in development finance will be provided by the purchasers.

Some 350 jobs are expected to be created during the construction of the EXO, which upon completion will rise to 73m (239 ft) and comprise some 169,150 sq ft of Grade A office space, capable of accommodating 2,000 workers. The work by main contractors Bennett Construction is expected to be completed in the first quarter of 2020. Agents Savills and CBRE have been instructed to secure pre-let agreements with tenants.

While the EXO can currently lay claim to the title of Dublin's tallest office building, it could yet be eclipsed by developer Johnny Ronan's bid to build the Aqua Vetro, an 88m (290 ft) office tower next to Tara Street railway station.

Irish Independent

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