Knight Frank Investment Management (KFIM), working with LB Asset Management, a South Korean investment manager, has acquired an office let to Facebook in Dublin for more than €100 mln, from Irish investor The Comer Group.
The Beckett, Dublin, located on East Road within Dublin's Northern Docklands, comprises 17,500 m2 over six storeys. It was purchased by the Comer Group for around €5 mln in 2013 after it went into receivership.
According to media sources, the Irish landlord spent around €30 mln in refurbishments before letting the property to Facebook on a 15-year lease.
'This is the second European transaction outside the UK that KFIM has successfully completed for Korean investors in the last six months,' said Ric Crane, partner at KFIM.
'The Beckett offers secure income at an attractive rental and capital value level, which we believe provides solid future performance prospects. We continue to seek similar opportunities in Ireland, UK and Continental Europe.'
LSH and Shiells & Co. supported KFIM, while Helaba provided the debt.
McGreevy Property Consultants acted on behalf of the vendor.