Friday 18 October 2019

Property trust REIT to buy Marker Residences development for €50m

The Marker Residences on Grand Canal Square have a price tag of €40 million. Photo: Shane O’Neill/Fennells
CHECKING OUT: New York-based Brehon Capital has put the Marker Residences in Dublin up for sale for around €40m, an asking price that surprised many

Ailish O'Hora

Irish Residential Properties REIT is buying the Marker Residences apartment development complex in Dublin's south docklands for just over €50m.

Brehon Capital and Midwest, which is the seller, acquired the residences and retail development in 2011 as part of the mixed-use complex that includes the award winning Marker Hotel for €30m beside Grand Canal Square.

The building comprises 84 luxury apartments completed to exacting standard in addition to 6 fully occupied commercial units at ground floor level, with car parking provision for 113 spaces at basement level.

Irish Residential Properties REIT is a trust and is listed on the Irish Stock Exchange.

Kevin McGillycuddy, Managing Director of Brehon Capital Partners, said: "I-RES has purchased an exceptional property with a level of design excellence that makes it unique in the Irish market.

"The sale confirms the long-term investment potential of the Docklands where Brehon Capital Partners will continue to own the Marker Hotel. We believe I-RES will be an excellent neighbour as the new owners of the Marker Residences.”

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