B of I fund in £15m Citywest deal

BANK of Ireland Asset Management is to prefund a £15 million extension to the Citywest Business Park in west Dublin. The development will cover 120,000 square feet of space, which is expected to rent at £12 per square foot. Construction has already begun on two buildings, each with 15,520 square feet which will be completed next October. The Bank of Ireland fund will have a yield of around 9 per cent from its investment. It is the fourth financial institution to invest in Citywest, where over 376,000 square feet of space is now occupied by German, Japanese, US, Canadian and Irish companies. Development work on a further 45,000 square feet of buildings is due to begin in September. Jones Lang Wootton is the agent for the scheme.