London, 09 April 2019 - Savills Investment Management (‘Savills IM’), the international real estate investment manager, has completed the purchase of Charlemont Exchange in Dublin from Marlet on behalf of Korean institutional investors managed by Vestas Investment Management (‘Vestas’). Savills, Dublin advised the vendor on the sale following the successful leasing of the entire demise at the end of 2018 to WeWork.
The firm has acquired Blocks A-C (Phase 1), which has recently undergone a full refurbishment and achieved LEED Gold certification, as well as Block D (Phase 2) which is currently being refurbished. The acquisition is structured as a purchase of Phase 1 and a forward commitment to purchase Phase 2 upon completion of the refurbishment work, anticipated to be completed in Q4 2019. The total purchase price for both phases is approximately EUR 145 million.
The asset is located in Dublin’s CBD adjacent to the Hilton Hotel and sits in close proximity to the Charlemont Square development. In October 2018, Savills office leasing team completed the letting of Charlemont Exchange with WeWork signing a 20 year lease contract. Savills leasing team advised that the letting and subsequent sale of the building is a strong endorsement for the Charlemont Street area, which is undergoing significant improvement and restoration.
Alistair Ennever, Transaction Manager, Savills Investment Management, commented:
“Savills IM is delighted to have advised Vestas and its investors on the acquisition of Charlemont Exchange. The asset is uniquely positioned to benefit from ongoing developments in the immediate vicinity as well as future infrastructure improvements. This, combined with the quality of the building delivered by Marlet, made it an attractive opportunity for our investors. We are very pleased to have concluded another transaction with our partners at Vestas and look forward to doing more together in 2019.”
Savills IM and Vestas were advised by A&L Goodbody whilst Savills and Mason Hayes Curran acted for Marlet on both the sale and leasing transactions.