LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC on Monday said it has handed over one of its key portfolio properties, Baggot Plaza in Dublin, to a new tenant, which will take on a 25-year lease.
The real estate investment company entered into the lease agreement with the Bank of Ireland at a headline rate of EUR47.50 per square foot, with a tenant break option after the first 20 years and a rent-free period from practical completion, which has now been achieved, for 11 months.
Baggot Plaza is a "key property" for Kennedy Wilson's Dublin office portfolio.
"To deliver such a comprehensive redevelopment on time in only 15 months and to be able to come within budget, given all the supply side constraints in the Dublin construction market, is a significant achievement by our development team," said President and Chief Executive Mary Ricks.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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