City Development Fund has confirmed that Irish Life will prefund the €125m development of 13-18 City Quay in Dublin’s docklands.
On completion of the development, full ownership will be transferred to Irish Life.
The acquisition follows Irish Life’s recent purchase of Velasco on Grand Canal Street.
The 118,000 sq ft office building has been prelet to business advisory firm Grant Thornton.
City Development Fund, a sub-fund of Targeted Investment Opportunities ICAV, was represented by Fergus O’Farrell of Savills Ireland, while Johnny Horgan of CBRE acted on behalf of Irish Life.
The City Development Fund is active in the development of a number of major commercial and residential developments in Dublin’s docklands. Last year, it prelet, constructed and sold 8 Hanover Quay. Now the flagship European headquarters of AirBnB, it was the first major prelett completed in the South Docks area during the current development cycle.
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