THe JV Theory20 Feb 2020 12:47
US private equity giant Blackstone has indicated its intention to acquire a portfolio of five prime Dublin office assets with an indicative value of €535 million.
The Cedar portfolio was offered for sale by Starwood through CBRE and Eastdil Secured in September. It comprises a number of landmark office properties, including the Watermarque building, 75 St Stephen’s Green, Iveagh Court, Marsh House, 29-31 Adelaide Road, and 1 and 2 Parkgate Street.
Distributed across Dublin’s central business district, the properties comprise 600,737sq ft of office accommodation and 45 residential units.
Iveagh Court is the portfolio’s biggest asset by size and rent. Developed by Seán Reilly’s McGarrell Reilly, the Charlemont Street property extends to 220,938sq ft and is generating €10.44 million – or 36 per cent of the portfolio’s rent – from tenants which include WeWork, Mercer and the OPW. It is understood the building has been ascribed a value of about €200 million for the purposes of the sale.