Acquisition of old ‘Irish Times’ building completed

The German real estate investment fund, Real IS, has completed the acquisition of the former headquarters of The Irish Times on Dublin's D'Olier Street and Fleet Street for €50 million. The new owner bought the investment from Kennedy Wilson in an off-market deal.

Renamed The Times building after the newspaper moved out in 2006, the property was extended and restored by its new owner, the Cavan-based P Elliott Group. It ended up with 4,765sq m (51,290sq ft) of office accommodation in two blocks, a striking new Fleet Street building and the redeveloped D’Olier Street frontage linked via a glazed central atrium. The recent sale also included seven self-contained retail units , three of which are now being fitted out by the latest owners ready for occupation, and four two-bedroom apartments. The Aviation Authority is responsible for 85 per cent of the rental income which now stands at €2.6 million, reflecting a net initial return of 5 per cent.

Peter Flanagan of Knight Frank, who advised Real IS, described the purchase as “an excellent opportunity to acquire a landmark city centre property let long term to a semi-State company”. Real IS has now spent almost €250 million on four office investments in Dublin. Flanagan said the new wave of European funds assumed a dominant position in the Irish market in 2016, accounting for 37 per cent of the total investment volume compared with 28 per cent for US buyers and 26 for the Irish. Johnny Horgan of CBRE advised Kennedy Wilson.