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Shelbourne Hotel acquired by US property investment group

The Shelbourne Hotel has been acquired by US property investment group Kennedy Wilson, which is planning to invest millions of euro into the business to build on its status as the top five-star hotel in Dublin. This will include a facelift for the hotel’s facade, which is considered a “priority project”. Plans are also being developed to add a hair and beauty salon to its existing spa facilities, and to refurbish its 19 suites and public areas.

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€6m for Grade A North Park offices in Dublin 11

Agents Katie Williams and Rod Nowlan of Bannon are guiding €6.2 million for an office investment at the entrance to the North Park on the North Road in Dublin 11 which will show a return of 8 per cent with an opportunity to better that figure on letting vacant space and completing rent reviews.

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Värde Partners wins NAMA’s Acorn portfolio for over €170m

Värde Partners outbid a joint venture of Burlington Real Estate, the reborn management team from Treasury Holdings, and US hedge fund Davidson Kempner to acquire the Acorn portfolio from NAMA for more than €170m, 30% above the initial asking price.

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Deutsche Bank pays €145m for €400m Project Spring portfolio

Project Spring includes loans secured on several prominent buildings in Dublin city, including several attractive redevelopment opportunities. It includes loans attached to an office block on Wilton Terrace near Leeson Street bridge, the Central Hotel on Exchequer Street, the Newhall Retail Park in Kildare, prime London city offices, and a development site near Britta’s Bay in Wicklow. Project Spring’s annual rent is circa €8m.

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Ulster Bank’s €1.1 billion sell-off

Loans tied to Independent News & Media’s headquarters, upmarket homes in Belfast and Dublin, and properties backed by developer, Paddy McKillen feature in a €1.1 billion debt portfolio that Ulster Bank and its parent have just put up for sale. Dubbed “project Achill” it will be the biggest portfolio of loans that Ulster and its […]

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Hibernia Reit acquires two IFSC properties for €90.75m

Hibernia REIT plc (Hibernia) has acquired Guild House and Commerzbank House in Dublin’s IFSC for €90.75m in cash from a syndicate of private investors in an off-market transaction. The price reflects a capital value of €629 per sq. ft. and a net initial yield of 6.6%.

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Pizza Express sells to Chinese firm for £900m

The Pizza Express restaurant chain, which owns Milano in Ireland, has been sold to Chinese firm Hony Capital for £900 million.

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Unit A, Crag Crescent, Clondalkin Industrial Estate, Dublin 22

Available to purchase end of terrace industrial unit for sale in Crag Crescent, Clondalkin Industrial Estate, Clondalkin, Dublin 22. Two storey offices to front, approx. 288 sq m (3,100 sq ft) plus mezzanine. Car parking for approximately 12 cars to the front and side.

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ESB HQ lodge planning application for Fitzwilliam Project

ESB plans to demolish and redevelop its Fitzwilliam Street headquarters at a cost of about €150 million. Their vision is to deliver a successful new office redevelopment, in keeping with its 18th century surroundings and to provide modern, efficient, sustainable accommodation to more people.

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Davy H1 Irish Real Estate Report

During the first half of the year the investment in Ireland’s commercial real estate (CRE) market has totalled €1.8bn year-to-date, Dublin’s office market accounted for 70% of all capital invested in Ireland in H1 2014 and the changing risk premium for Dublin offices has enticed investor groups into the market for the first time, notably UK open-ended fund Knight Frank Investment Managers.