Property firm invests €45 million in Dublin market
Portmarnock golf hotel and office building in docklands area snapped up by KWE
A view of the 17th green at Portmarnock Golf Links. The course was designed by German golfer Bernhard Langer. Photograph: David Cannon/Getty Images
Kennedy Wilson Europe Real Estate has invested almost €45 million in Dublin’s property market, snapping up a well known gold resort and a prominent building in Dublin’s docklands area.
Portmarnock Hotel and Golf Links was sold for just under €30 million. KWE bought the property, which was originally priced at €20 million, far short of the €70 million paid for it in 2005 by Capel Developments.
The hotel went into receivership three years ago, with Simon Coyle of Mazars appointed as receiver by the National Asset Management Agency. Nama formally offered the property for sale at the end of March, with JLL acting as advisers.
Located 14km north of Dublin city centre, the property includes a four star hotel with 136 rooms and refurbished conference facilities, and an 18 hole golf course designed by golfer Bernard Langer. There were a number of bids from both domestic and overseas investors, including North American and Asian capital sources.
“The sale is a success on many levels, with the vendor and purchaser also agreeing to transfer a parcel of land into the ownership of Fingal County Council, a move which will benefit the residents of Portmarnock - many of whom are loyal patrons of the hotel and golf business,” said Dan O’Connor, JLL.
KWE also bought Liffey Trust building in Dublin’s city centre from IBRC for €14.8 million, bringing its total investment to €45 million.
The 81-unit building is located in the docklands area of the city, close to the IFSC and Grand Canal Docks. It is currently 95 per cent occupied, with Davy Stockbrokers estimating rents of about €1.2 million per annum.Hooke and MacDonald acted as agents for the sale.
The deal is expected to complete later this month.