Developer TIO is understood to have secured upwards of €95 million from the sale of a newly-completed prime office building in Dublin's south docklands to the German family-office investor AM Alpha.
The sale of 76 Sir John Rogerson's Quay comes just four month after Rabobank agreed to take 23,500sq ft (2,183sq m) of space at the scheme on a 10-year lease with an option to renew for a further 10 years. The Dutch-headquartered lender is understood to have agreed to pay a rent of about €57 per sq ft.
Developed by TIO (Targeted Investment Opportunities, an umbrella fund involving Nama, Los Angeles-based Oaktree Capital and Bennett Construction), 76 Sir John Rogerson’s Quay comprises 92,600sq ft (8,602sq m) of grade A office space distributed across two blocks.
The scheme, which occupies a high-profile position overlooking the river Liffey, was designed to achieve LEED Gold status and a BER A3 energy rating, making it sustainable and cost-efficient for occupiers.
The scheme’s neighbours include Accenture, JP Morgan, State Street, Indeed and DocuSign while nearby residential schemes include the Benson Building, Opus 6 and Capital Dock.
Commenting on his company’s purchase of 76 Sir John Rogerson’s Quay, AM Alpha’s managing director, Martin Lemke, said: “We are delighted to have completed the acquisition of 76 Sir John Rogerson’s Quay . . . we are confident in the ability to attract the best tenants for this project very soon.”
Deal advisers
AM Alpha was advised on the deal by Savills Ireland, while Eastdil Secured advised the vendor, TIO.
AM Alpha made its last acquisition in the Irish market in November 2019, when it paid €50 million to secure ownership of Northside shopping centre.
While the north Dublin retail scheme represented AM Alpha’s first investment in Ireland’s retail property sector, the company has been active in the past in the Dublin office market.
In 2012, it paid € 35.5 million for Riverside II on Sir John Rogerson’s Quay in the Dublin docklands. The price paid represented a relative bargain when compared to the € 60 million valuation attached to the property in 2006 when it was under the ownership of the Elliott, Kelly, Flynn and McCormack families.
AM Alpha secured a gross profit of € 14.5 million from Riverside II when it sold the building on 18 months later to Irish property fund Iput for about € 50million.
