Friday 15 December 2017

More firms will follow JP Morgan - Kenny

An artist’s impression of the JP Morgan office at Capital Dock
An artist’s impression of the JP Morgan office at Capital Dock
Ellie Donnelly

Ellie Donnelly

Global banking giant JPMorgan Chase has agreed to buy a Dublin office building large enough for 1,000 staff for a reported €125m, in the first significant financial services expansion in Ireland since Brexit.

The deal is the most concrete move into Ireland by any large international finance house looking to shift operations from London into the EU as a result of the British vote last June.

Ireland lost out when insurers AIG and Lloyd's of London opted for Brussels and Luxembourg over Dublin for their post-Brexit relocation plans.

But Taoiseach Enda Kenny said more companies have made the decision to make significant investment in Ireland as a result of Brexit, but the extent of the investment hasn't yet been pinned down.

"Quite a number of companies have confirmed their location of preference is for Ireland. The scale is not detailed yet," he said following the JP Morgan news.

Yesterday, property developers Kennedy Wilson, along with its partners Fairfax Financial and Nama, said JPMorgan Chase had agreed to forward fund, or buy off the plans, the 130,000 sq ft 200 Capital Dock building. The funds will finance development of the building and a wider campus.

The property, on the Liffey close to the IFSC, can house 1,000 workers - double JP Morgan's current staff here. Construction is due to be finished in the third quarter of next year.

The bank's head of investor relations had confirmed at the weekend that it was planning to increase the number of staff in Dublin. The agreement will "coincide with completion of the building, expected in Q3 2018".

"This new building gives us room to grow and some flexibility within the European Union," senior country officer for JP Morgan in Ireland Carin Bryans said in the statement.

Extending over 4.8 acres, the Capital Dock development will run over 660,000 sq ft of new mixed-use space, including a 23-storey tower.

The campus-style scheme was designed by award-winning Irish architecture firm O'Mahony Pike and will include 345,000 sq ft of office space across 100, 200 and 300 Capital Dock as well as 190 apartments with waterfront views.

Irish Independent

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