US privately-held developer-investor Hines has completed the sale of Bishop’s Square in Dublin’s central business district to GLL Real Estate Partners.
The office complex was owned by Hines Global Income Trust and was put on the market a year ago through agent CBRE for a guiding a price of €180 mln, or a net initial yield of 4.04%.
‘Bishop’s Square is a great example of the value the Hines organization can provide,’ said Alfonso Munk, Chief Investment Officer, Americas and president of Hines Global. ‘Coming out of the global financial crisis, our research team identified the Dublin office market as an attractive location based on strong office fundamentals and our Dublin team was able to capitalize on their local market knowledge and existing relationships to acquire Bishop’s Square through an off-market transaction.’
After acquiring the asset in 2015, Hines Global implemented energy-conservation upgrades, building improvements and an expansion which added 27,000 sq-ft (2,500 m2). The more than 180,000 sq-ft (16,722 m2) property is currently 100% leased with a weighted average lease term of 11 years.
‘The completion of this transaction in the current environment is further testament to the high quality of the asset and the fortitude of Hines’ local Irish team,’ said senior managing director and Hines Global’s Chief Operating Officer, Janice Walker.