Starwood Financial is under offer to buy a portfolio of prime Dublin offices from Lone Star for £266m (€350m).
Assets in the portfolio, named Project Holly, include the 210,000 sq ft Iveagh Court complex, the 107,000 sq ft Watermarque Building, the 28,309 sq ft 11-12 Hogan Place, and Marsh House, the 60,000 sq ft Irish headquarters of insurance firm Marsh.
CityNorth, a 100-acre mixed-use office and hotel development, was included in the portfolio when Lone Star initially bought it, but has not been included in the sale to Starwood.
In January Estates Gazette revealed that Lone Star had appointed Eastdil Secured to seek a £300.7m refinancing of the portfolio in addition to 75 St Stephen’s Green, a seven-storey 102,000 sq ft office building.
It is understood that a number of equity funds then entered into discussions to purchase the assets.
St Stephen’s Green ,however, was not up for offer and is being marketed separately.
Lone Star beat Starwood in the bidding process for Project Holly in January 2014, paying £155m for the assets which, at the time, was estimated to be a 41% discount.
