Hines and US fund King Street Capital Management have emerged as winning bidders on Nama’s Project Cherry.
The pair are understood to have bid around €270m (£213.8m) for the 400-acre Cherrywood Business Park and associated land in Dublin. The asset could have an gross development value of as much as €2.5bn.
The Cherrywood site is expected to be a major focal point for residential development in Dublin in the coming years.
Hines and King Street beat competition from underbidders including a consortium led by Delancey and Brehon Capital, and a consortium made up of Treasury Holdings founder Johnny Ronan, Development Securities and Colony Capital.
Savills put the property on the market in July this year with a guide price of €220m.
Hines is best-known in the Dublin market for its €250m purchase, with HSBC, of a 73% stake in the Liffey Valley Shopping Centre from Aviva Investors in February this year.
