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Published in Commercial Property on 05/04/2018

Hines Complete Chatham & King Acquisition

#Hines

CNI Editor reports

 

US real estate firm Hines has bought the mixed-use building Chatham & King in Dublin city centre.

The asset, located adjacent to Grafton Street and St Stephen’s Green, comprises retail units 33,500 square feet in size – currently occupied by Zara, H&M and Warehouse.

It is understood the value of the deal is around €150m.

Data analytics management firm Qualtrics is using the 31,000-square-feet office space above the retail units in the building as its European headquarters.

Hines acquired the building from an affiliate of the Lone Star Real Estate Fund.

With the addition of this asset, the Hines Pan-European Core Fund (HECF) portfolio consists of 18 properties in eight different European countries with a current aggregate value in excess of €1.1 billion.

It represents the builder’s second acquisition under the HECF fund in Dublin following the acquisition of the Grafton Collection portfolio in 2016 and 2017.

Included in the sale is the Chatham Court building, the second phase of the asset to be developed by Lone Star and delivered in the next 24 months.

It will include five retail units totalling 15,597 square feet and ranging from 495 square feet to 12,680 square feet, providing retail and food and beverage space.

“Hines is delighted to close the Chatham & King acquisition, a marquee mixed-use property at the center of Dublin’s most fashionable shopping, restaurant and commercial district” said Brian Moran, Managing Director and Country Head, Ireland.

“We have acquired both a strongly performing asset along with a new phase of additional retail and office which will come online in 2020.”

Qualtrics has also agreed to pre-let 26,000 square feet in that building.