Sale of State Street offices in final stages

Sale of State Street offices in final stages

State Street in the south Dublin Docklands

UK property group Delancey and private equity giant KKR are frontrunners to buy the eight-storey head office of US bank State Street in the south Dublin docklands.

The sale is in the final stages, although sources stressed that a deal had not yet been completed. The transaction is expected to conclude over the coming weeks.

The property, which is expected to be sold for about the asking price of €105 million, would be the first to be acquired by Delancey and KKR in the Dublin market. It has attracted considerable interest from prospective buyers given the strength of the tenant. Estate agents CBRE estimated that more than €1 billion of capital was “chasing the deal”, according UK magazine Property Week.

The property was put on the market through estate agents Savills in September by receivers to the building’s former owner, Danninger, which was previously controlled by property developer Liam Carroll.

The State Street property generates almost €8 million in rent a year on a 25-year lease from 2009, attracting long-term investors. The building is being sold with an adjacent three-acre site.

Source: Simon Carswell / Irish Times

Leave a Reply