Development Securities PLC Funding secured for Dublin office building (9705S)
July 15 2015 - 1:00AM
UK Regulatory
TIDMDSC
RNS Number : 9705S
Development Securities PLC
15 July 2015
15th July 2015
Union Investment commits to fund the development of prime office
building, Burlington House, in Dublin
Union Investment announces that it has committed to forward fund
the development of Burlington House, the largest new speculative
prime office building in Dublin city centre. Burlington House will
deliver 15,992 sq m (172,000 sq. ft.) of net office space.
The Burlington House site was acquired by Development Securities
in a joint venture with companies affiliated with Patrick McKillen,
John Ronan and Colony Capital Inc., in June 2014 and was previously
occupied by a 1970's office building which has since been
demolished and the site cleared for development. Sisk has today
also been appointed as the main contractor for the development with
construction due to commence imminently and practical completion
anticipated in Q2 2017.
Located on Burlington Road within Dublin's prime commercial
core, the site is well-connected, with excellent transport links
across the city and an established blue-chip occupier base that
includes Amazon, BSykB, Bank of Ireland, LinkedIn, IDA, EBS, CBRE
and Groupon, all within the immediate vicinity. Burlington House
will provide net floor plates of between 2,480 sq m (26,694 sq ft)
and 2,846 sq m (30,634 sq ft) with a generous car parking
provision.
Philip La Pierre, Head of Investment Management Europe, Union
Investment: "After having made our debut in the Irish market this
year, buying the 4+5 Grand Canal complex in Dublin's South
Docklands, we are delighted to team up with Development Securities
and its partners for our first forward funding deal in Dublin,
adding to our extensive track record in European investment
regions. This is one of the best buildings in Dublin with excellent
leasing prospects."
Matthew Weiner, Chief Executive, Development Securities said:
"In 2007 we partnered with Union Investment to forward-fund One
Kingdom Street, a 23,226 sq m (250,000 sq. ft.) office building at
PaddingtonCentral, our former, major office-led regeneration
project in West London. Since then, we have completed a number of
new office developments including two buildings in Hammersmith town
centre totalling 25,548 sq m (275,000 sq. ft.), which were both
forward-funded by Aberdeen Asset Management. We are delighted to be
joining forces once again with Union Investment along with our
partners John Ronan, Patrick McKillen and Colony Capital Inc. and
to be continuing to build our track record in the delivery of high
quality office-led developments. Burlington House will provide the
best new office space in Dublin, a market where supply is limited
and occupier demand continues to strengthen and we look forward to
completing this iconic office space."
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities
020 7828 4777
Fabian Hellbusch, Union Investment
+49 40 34 919-4160
email: fabian.hellbusch@union-investment.de
This information is provided by RNS
The company news service from the London Stock Exchange
END
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