Insurer Irish Life has acquired an office block in Dublin from Blackstone for 鈧�35 mln, 10 years after selling it to another buyer for over 鈧�100 mln.
The property, Hume House, is a 7,600 m2 office block located in Dublin's Ballsbridge area, which generates 鈧�2.1 mln of short-term income.
Irish Life previously owned Hume House before selling it to a Sean Dunne company for over 鈧�100 mln as part of a larger transaction in 2006. US private equity group Blackstone subsequently acquired the asset as part of Project Platinum, a NAMA-controlled portfolio sale, in 2014.
Irish Life said the asset is a value-add play, which is set to benefit from an upgrading of the surrounding area which includes the former Berkeley Court Hotel site, known as Project Trinity, and the completion of One Ballsbridge.
Irish Life has planning permission to redevelop the Hume House site into 16,900 m2 of modern office space, enabling the new owner to benefit from the shortage of office space in Dublin city centre.
Martin O鈥橰eilly, head of property at Irish Life commented: 鈥楴eedless to say, we are delighted to have reacquired Hume House at a time in its lifecycle which is perfectly aligned to the dramatic urban transformation which is unfolding in the Ballsbridge area, and the opportunity to capture and benefit from the exception level of office occupier demand for the location.鈥�
Savills acted on behalf of Irish Life, while CBRE represented Blackstone.
