One of the most eagerly awaited office sales of the year is set to be launched imminently.
Advisors to the Serpentine consortium, a group of private individuals and companies assembled by AIB private banking and Goodbody Stockbrokers, are to begin approaching investors from now with details of the four Facebook office blocks forming part of the tech giant’s European HQ at Ballsbridge in Dublin.
The sale was first tipped back in February this year, but it is understood all the marketing materials have been prepared to begin a formal process for potential investors.
Investors are being told that the offices span 31,536 m2 (339,546 ft2) and come with a guide price of €395 mln at 4.04%, which is €15 mln more than was speculated earlier this year.
The Grade A office blocks are known as I, J, K & L and are located on Facebook’s campus which measures a total of 900,000 sq ft. These blocks have recently undergone a comprehensive €50 mln-plus refurbishment.
Advisors have waited until it was felt Covid-19 travel regulations had eased up enough in Ireland to allow investors to see the assets in person. The first stage will be direct presentations.
The property is let to Facebook Ireland Ltd with a full parent guarantee from Facebook Inc.
It is said that investors need not worry that Facebook would decline to renew its tenancy of the buildings given its costly recent refurbishment of them, but also evidenced by the fact it owns the freehold. Not only that, but Facebook recently agreed to pre-let Fibonacci Square at the front of the campus comprising two buildings of over 380,000 ft2 for 25 years. The developer, Ronan Group Real Estate (RGRE), is expected to complete the project at the end of next year.
Those buildings will accommodate thousands more workers, making it Facebook’s second-largest campus globally, surpassed only by the global HQ at Menlo Park in California.