Us property giant to buy Dublin’s One Spencer Dock
Hines, a US property giant is in position to buy One Spencer Dock, Ireland’s largest single office investment on Dublin’s North Wall Quay. The property giant outbid two other investment companies with their offer of €240m.
If the sale does go ahead the new owners of One Spencer Dock will be able to bank on a net yield of 4.7%, matching Nama’s expectations for the investment.
Hines is already a major investor in the Irish commercial property market having joined forces with HSBC Alternative Investments (HAIL) last February to buy a 72.8 per cent stake in Dublin’s Liffey Valley Shopping Centre for €253 million.