One Spencer Dock, the largest office block in Ireland, has been sold for €242m (£208m) to AGC Equity Partners.
The asset was part owned by the receivers, EY, and Davy Real Estate. The EY portion was secured by Nama.
The 227,000 sq ft office is wholly occupied by PwC which pays rent of €11,779,241 per year, a 4.9% yield. PwC is on a 25-year lease which expires in April 2032, an unexpired term of 16 years.
It is the first big investment by a major institution into the Dublin office market since the UK’s EU referendum.
Luke Charleton of EY said: “This is a successful outcome which reaffirms the international investor interest in Dublin.”
The property was designed by Scott Tallon Walker Architects and built by Treasury Holdings in 2007.
Savills and CBRE were the selling agents.
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