Hines, the international real estate firm, and Peterson Group, the Hong Kong based real estate investment company, have entered a partnership to acquire two iconic Dublin properties – the Central Bank buildings on Dame Street and 2 Grand Parade in Dublin 6.
These two prime acquisitions represent Peterson Group’s first investments in Ireland and also its first partnership with Hines.
Hines and Peterson Group are currently considering future plans for the Central Bank buildings ahead of taking control of the property. The main building was constructed in 1978 and designed by architect Sam Stephenson. The sale includes the adjoining Annex, Commercial Buildings and 6-9 College Green.
Originally constructed in 1962, 2 Grand Parade was the former headquarters of PJ Carroll’s Cigarette Company and subsequently Irish Nationwide Building Society but is now fully leased to Amazon. The 1.7 acre site includes an office building comprising eight stories and a floor space of 52,000 square feet and benefits from a highly convenient location adjacent to Charlemont LUAS stop which is just a short journey from St. Stephens Green.
Welcoming the completion of the transactions, Senior Managing Director of Hines Ireland, Brian Moran said: “We are delighted to be partnering with Peterson Group on their first dealings in the Irish market. Given their enviable locations and potential, the Central Bank buildings and 2 Grand Parade both represent excellent investments for Hines Ireland and Peterson Group. These are two high-quality commercial office spaces in their own right while we also recognise their huge historical significance to the Capital. Hines and Peterson Group look forward to bringing together our international expertise and shared vision with a view to the further long-term enhancement of these unique buildings.”
Tony Yeung, Managing Director for Peterson Group added: “Peterson is excited about its first investments in Ireland together with Hines. Dublin has been performing strongly after the Global Financial Crisis and we see these investments as strategic expansion for our European portfolio. The group continues to seek opportunities throughout Europe and treasures relationships with solid partners who are specialists in their sectors.”
Lars Huber, CEO of Hines Europe, said: “Ireland is an important market for Hines and these latest acquisitions complement our existing portfolio and enhance our market share. We look forward to working with Peterson Group to deliver value added strategies for these landmark buildings.”