German insurance company Allianz, is to sell the headquarters of its Irish operations to a Dublin property developer for a figure believed to be €100m (£68m).
Allianz plans to move its 800 Irish HQ staff from its Burlington Road premises and take a lease on new offices being developed by Radora at Elm Park on the Merrion Road in Dublin.
The four/five storey Burlington Road property occupies a site of about 1.5 acres adjacent to the four star Burlington Hotel, which the Jurys Doyle Hotel group is expected to sell for around €175m (£117m) later this year.
Allianz are not disclosing the identity of the purchaser or the amount of space it is taking in the new Radora development.
In 2002 Allianz sold off two of its Dublin city centre prime retail properties in deals worth more than £11m.
Radora is headed by Bernard McNamara and Gerry O’Reilly.
References: EGi News 11/01/07
