Fine Grain Buys Dublin Office Block Connaught House for Over €70 Million
Fine Grain Property Snags Dublin Office Block for Over $70 Million
Dublin, Ireland – Fine Grain Property, a multinational-backed real estate firm, has acquired the Connaught House office block in Dublin for a sum exceeding $70 million. The deal, confirmed by Fine Grain on Monday, marks the company’s largest acquisition to date and brings its total investment in the Republic of ireland to a staggering $370 million across 21 properties.
Sources familiar with the transaction indicate that Fine Grain secured the property for a price in the “low seventy millions,” falling below the initial asking price of $80 million. The acquisition underscores Fine Grain’s commitment to delivering strong returns for its investors, which include French, Swiss, British, and Singaporean entities.
“This deal underscores our commitment to generating superior returns for our investors,” said Kevin Mahony,Fine Grain’s chief financial officer.
Founded in 2016 by CEO Colin MacDonald, Fine Grain has primarily focused on assets outside Dublin, catering to the needs of multinational clients. The company plans to invest an additional $10 million to upgrade Connaught House’s building energy rating from the current D1 to an remarkable A.
Connaught House, located on Burlington Road, boasts a roster of prominent tenants, including Australian bank Macquarie, biopharma group Alkermes, and estate agent CBRE. These tenants contribute to an annual rental income of $7.1 million,according to figures released by property dealers Cushman & Wakefield and JLL in April.
the property was originally developed by prominent Irish developer Johnny Ronan in 2007, just before the Irish property market experienced a notable downturn. Ronan retained ownership of the building throughout the subsequent crash, with the State’s National Asset Management Agency (Nama) assuming control of his debts.
Following a settlement with Nama in 2015, Ronan regained control of Connaught House. Though, last year, accountants Grant Thornton were appointed as receivers for 11 Ronan properties, including Connaught House, to recover $130 million in loans owed to AIB and Bank of Ireland.
This acquisition marks a significant milestone for Fine Grain Property, solidifying its position as a major player in the Irish commercial real estate market.
Fine Grain Property Doubles down on Dublin with €70 Million Office Acquisition
Dublin, Ireland – Local real estate firm Fine Grain Property has made a substantial €70 million investment, acquiring the Connaught House office block in Dublin. This strategic move marks the company’s biggest acquisition to date and brings its total Irish investment to a remarkable €370 million across 21 properties.
Fine Grain CFO kevin Mahony emphasized the acquisition’s significance. “This deal underscores our commitment to generating superior returns for our investors,” he said.
Established in 2016 by CEO Colin MacDonald, Fine Grain has traditionally focused on assets outside Dublin, primarily serving multinational clients.
The company plans to modernize Connaught House, investing an additional €10 million to upgrade its building energy rating from D1 to A.
Located on Burlington Road, Connaught House boasts a roster of prominent tenants including Macquarie, Alkermes, and CBRE, generating an annual rental income of €7.1 million.
Originally developed by prominent Irish developer Johnny Ronan in 2007, Connaught House has weathered the Irish property downturn and subsequent financial restructuring.
The acquisition represents a notable milestone for Fine Grain Property,solidifying its position as a leading player in the Irish commercial real estate landscape.
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