South Korean investor hits pause on €140m sale of Dublin docklands office investment

JR AMC pulls back from disposal of No 2 Dublin Landings as uncertainty roils real estate markets

With real estate markets both here and internationally facing up to the challenge presented by rising interest rates, the South Korean owners of No 2 Dublin Landings have instructed joint selling agents CBRE and Savills to hit the pause button on the proposed sale of their investment.

Having paid €106.5 million to acquire the north docklands building in November 2018, the real estate investment trust JR AMC had been preparing to bring the property to the market shortly at a guide of €140 million.

One of five office blocks built by Sean Mulryan’s Ballymore in partnership with Oxley at their wider one million square foot mixed-use development, No 2 Dublin Landings extends to 9,300 sq m (100,000 sq ft) and is fully let to WeWork.

While the global flexible workspace provider has been paying a rent of €4.87 million annually since 2018, this figure is set to increase to €5.38 million in year five of its lease agreement.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times