CBRE’s Debt & Structured Finance team, part of CBRE Capital Advisors, has acted as debt advisor to Meyer Bergman and BCP Asset Management in obtaining a €100 mln+ loan to finance a speculative development site in the heart of Dublin City centre.
The site, which is located next to Trinity College, will be redeveloped to create 100,000 sq ft (9,300 m2) of state-of-the-art office space with 70,000 sq ft of retail units on the lower floors.
The development has not been pre-let, highlighting the strength of the real estate market in Ireland. Irish investment volumes were strong for the first half of the year and the low interest rate environment continues to support a healthy lending environment, even for speculative development.
Andy Tallon, senior director, debt and structured finance at CBRE commented: 'The outlook for Irish commercial real estate remains strong, supported by low unemployment and an exceptionally robust occupational market. As such competition to lend is high, even for speculative opportunities. This development is a prime location in Dublin and demonstrates investors long-term view of Dublin.'