Oxley closes €154.6m Dublin Landings deal
US property giant Greystar buying 268 apartments and 210 car parking spaces
The Dublin Landings development on North Wall Quay
Singaporean property developer Oxley has agreed to sell the residential element of its Dublin Landings development for €154.6 million. In another, separate deal announced on Wednesday, German fund Patrizia confirmed it had agreed to forward purchase a development in Dublin’s Harold’s Cross for €93 million.
In a filing to the Singaporean stock exchange, Oxley said its subsidiaries had entered into an agreement with Greystar Europe Holdings to sell part of blocks B and E in Dublin Landings, a development on North Wall Quay.
Under the agreement Greystar will acquire the 268 residential apartments and 210 car parking spaces.
Greystar, a property investor with its headquarters in the US, has already paid a €15.5 million deposit on the property. The full amount will be paid upon completion of the sale, which will take place progressively from November until June 2020.
In the event that any block has not achieved practical completion before June 29th, 2021, Greystar can terminate the contract for sale.
Separately, Patrizia has agreed to forward purchase a 166-unit build-to-rent development from Pat Crean’s Marlet Property Group on behalf of Germany’s largest public pension fund. The transaction brings Patrizia’s portfolio in Ireland to a value of €650 million.
The Harold’s Cross scheme will comprise a mix of one-, two- and three-bedroom apartments as well as a range of amenities including a gym, residents lounge, cinema, games area and concierge service.
The Dublin Landings development is being delivered by Oxley in partnership with Sean Mulryan’s Ballymore. The 268 units being sold will, upon completion, comprise 82 one-bed, 146 two-bed and 31 three-bed apartments in addition to nine three-bed duplexes.
Separately, the Dublin Landings project is set to include more than one million square feet of office, residential, retail and leisure accommodation.