Hines looks to double its money with €180m sale of Bishop’s Square
The US real estate firm acquired the Kevin Street offices in Dublin for €92.5m in 2015
Bishop’s Square has undergone a significant programme of improvement work since Hines acquired it from New York-based investment giant King Street Capital for €92.5m in 2015
US-headquartered real estate giant Hines will be hoping to capitalise on the strong international appetite for Dublin office investments with the formal launch of Bishop’s Square to the market.
Agent CBRE is guiding a price of €180 million for the property, offering the prospective purchaser a net initial yield of 4.04 per cent based upon the current rent roll of €7.881 million.
Some 86 per cent of the rental income is accounted for by government tenants, namely the OPW and Tourism Ireland. Other tenants include Starbucks and International Financial Data Services.
Located on Kevin Street at the heart of Dublin’s central business district and within a short walk of St Stephen’s Green, Bishop’s Square is a grade A office building.
Built originally in 2002 by developer Bernard McNamara, the building has undergone a significant programme of improvement work since Hines acquired it from New York-based investment giant King Street Capital for €92.5 million in 2015.
Hines’ construction in the interim of a new penthouse floor and the extension of the building’s fourth and fifth floors has increased the property’s overall floor area from 14,213 sq m (153,000 sq ft) to 16,980sq m (182,774sq ft).
Other improvement work includes the provision of six new lifts, an upgraded reception area, and the delivery of a full-height atrium to increase the flow of natural light.