Two Dublin office blocks back on market for €120m
Blackstone, a multinational, paid €80m for buildings on the Liffey two years ago
Bloodstone Building on the Liffey: American investment firm Blackstone is hoping for a 50 per cent increase in value
An American investment firm will be hoping for a 50 per cent increase in value when it puts two office buildings in Dublin’s south docklands back on the market next week, two years after it bought them.
Blackstone, a multinational private-equity firm, paid in the region of €80 million for the Bloodstone Building and an adjoining block on Britain Quay. It is now hoping to sell them for close to €120 million as a result of the sharp recovery in office values and the shortage of modern space in the city.
Duncan Lyster of Lisney, who is handling the sale, yesterday briefed a number of Irish and overseas funds on the details of the forthcoming marketing campaign.
The two office blocks were completed shortly before the property crash by developer Sean Dunne and offered for sale by Nama, even though they were largely vacant. The original sale also included Hume House on Pembroke Road, in Ballsbridge, which had been acquired by Mr Dunne in 2005 with the intention of redeveloping it.
Bloodstone paid in the region of €100 million for the three buildings and is expected to offload Hume House at some time in the future.
The second office block, Central Quay, has a floor area of 5,490sq m (59,091sq ft) and with an 84 per cent occupancy rate has a rent roll of €2,411,666.
Since acquiring the two buildings, Blackstone has remodelled and refurbished the reception areas in both.