The Setanta Centre, one of Dublin's most distinctive combined retail-office developments, fetched a higher than predicted price yesterday when it was acquired by an unnamed private investment company for €85 million.
The Nassau Street complex, home to a number of Government offices and the Kilkenny crafts shop, was the subject of a fierce bidding war between several investors, nudging its price nearly €4 million over market expectations.
Outgoing owner Green Property declined to name the new landlords, insisting its policy was to maintain buyer anonymity. Mr Stephen Vernon, Green Property managing director, said the disposal represented further progress in its programme of asset disposal.
Since it was acquired in a management buyout last year, Green has shed more than €490 million worth of property.
It initially decided to retain ownership of Setanta, but with a rent roll exceeding €5 million, the site attracted an influx of bids and the company decided to sell.
The centre comprises 100,000 sq ft of offices, with Government departments and the Revenue Commissioners among the major tenants, and a 20,000 sq ft retail space, the bulk of which is occupied by the upmarket Kilkenny shop.
Built in 1975, Setanta also boasts an underground car-park.
Green bought the Setanta centre from companies owned by Dr Michael Smurfit and US businessman Mr Harry Dobson, who had acquired his 50 per cent stake from Mr Larry Goodman.
As part of the deal, Dr Smurfit and Mr Dobson received more than four million shares in Green Property, worth around €7.6 million.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)