A fund advised by Meyer Bergman has agreed the £64.6m purchase with BCP of a block of high street buildings in central Dublin.
The partners have exchanged contracts with a fund advised by Aviva Investors to purchase the buildings located on the western corner of Nassau Street and Dawson Street, opposite Trinity College.
The block of three 1970s mixed-use buildings total 101,200 sq ft, with parking for 125 vehicles. The shop tenants are Tiger Retail, House of Ireland and Millennium Gourmet Foods.
Meyer Bergman will own the majority share, with BCP Private Equity and BCP International Property Fund together committed to take a third of the project.
The new owners are looking at multiple options for improving and adding value to the asset, estimating it could accommodate about 200,000 sq ft of added space through a combination of extensions, redevelopment and refurbishment.
Blake Loveless, a principal at Meyer Bergman, said: “We see plenty of asset management opportunities for the buildings, given the shortage of large retail units in the area and the considerable appeal of the Dawson Street address to office occupiers.”
The purchase is scheduled to complete in the first quarter of 2016.
