Quinlan Private has bought Eircom’s new Dublin HQ for more than €190m (£128.7m) on a sale and leaseback basis.
The deal between Quinlan Private – the investment vehicle led by Derek Quinlan – and the telecoms company equates to an initial yield of 4%.
Osprey Property, the property development arm of Eircom, has agreed a 25-year lease at a yearly rent of €8m (£5.41m).
The nine-storey building, currently under construction near Dublin’s Heuston Station, includes around 210,500 sq ft of offices and parking for more than 190 cars.
It lies alongside the Heuston South Quarter (HSQ) development, which is under construction.
References: EGi News 08/12/06
