Checking in: Deutsche Finance agrees first Irish deal
Private equity real estate group Deutsche Finance International, in a joint venture with BCP Capital in Dublin, has acquired the Central Hotel and Trinity Street car park.
Financial details of the deal have not been disclosed.
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The Central Hotel, which is located on Dublin's Exchequer Street, was put on the market last October for €40m. It has more than 70 rooms across four floors.
Deutsche Finance and BCP Capital plan to refurbish the building, adding rooms, and improving its food and drinks offering.
Meanwhile, located within walking distance of the hotel, Trinity Street car park comprises 171 parking spaces, with retail and office use, over five floors.
The joint venture partners plan to boost the asset's income through the activation of potential alternative uses within the property. The investment follows the recent close of Deutsche Finance's inaugural fund, the DFI European Value-Add Fund, with €436m of equity, including co-investment. It is Deutsche's first entry into the Irish market.
Paul Nearchou, director at Deutsche Finance, said: "These are our first investments for the fund in Ireland, allowing us to create value in prime locations and benefit from highly supportive structural trends, including an under-supplied commercial real estate market, strong GDP growth, and high levels of foreign direct investment."
Built in 1887, the Central Hotel was designed by Richard Millar and William Symens, who also designed Parliament House on College Green, now Bank of Ireland.
Windward Management, which looks after a number of hotels, including the Radisson Blu, Dublin Airport and Farnham Estate in Cavan, has been employed as the hotel operator.