LinkedIn’s Dublin headquarters has been sold to Kennedy Wilson Europe Real Estate for €45m (£33.5m), reflecting a 6.7% yield.
The property company said 75,600 sq ft Gardner House, Wilton Place, was previously held as two loans secured by a first-ranking mortgage.
Its purchase of the underlying real estate was transacted through a cashless acquisition of the property following the consensual resolution of the non-performing loan investment with the underlying borrower.
The borrower acquired the property in 2006 for €82.1m and the unpaid principal balance on the underlying loans was €74.8m.
Gardner House is let in its entirety to PWC to December 2018 but was sublet to LinkedIn for its European headquarters.
Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “The off-market purchase of the Gardner House loans back in November provided KWE with a high-quality income stream while we explored resolutions with the borrower.”
Ricks added: “We are pleased to successfully employ our ‘loan-to-own’ strategy to access a high-quality property in a prime location. Our ability to deliver significant value-enhancing asset management initiatives into a strong Dublin office market makes this a very attractive addition to our Dublin portfolio.”
