ING and Deka have agreed a five-year €144m (£122m) loan to finance AGC Equity Partners’ acquisition of One Spencer Dock, PwC’s Irish headquarters in Dublin.
The loan is one of the biggest financing deals completed in Ireland in the past five years.
The financing reflects a 59.5% loan-to-value ratio on the building’s €242m sale price when it was bought by AGC from receivers at EY in July.
The 226,624 sq ft grade-A office building, completed in 2007, is fully leased to PwC until April 2032. It is next to the future site of the Central Bank of Ireland, which is scheduled to be finished next year.
ING acted as facility agent and account bank, providing €56m of the loan. Deka provided the remaining
€88m.
Following the Spencer Dock loan, ING said it will now be looking for more opportunities in the market.
