"Starwood Capital Group has been invested in the greater Dublin market for over two years," it added.
"The transaction was sourced by Starwood Capital Group's acquisitions professionals in Europe and expands our core-plus equity investment strategy, which complements our primary business segments and is focused on high quality, well-occupied real estate assets with strong tenant rosters, using only modest leverage. "As of March 31, 2015, the portfolio was 99.9pc leased and the office properties were leased primarily to multinational and government tenants and had a weighted average lease term of 6.2 years".
In a filing with US authorities, Starwood Property Trust said the portfolio is "located in prime locations in Dublin's central business district". Starwood has retained Eastdil to secure financing, but no Irish players are reported to be competitive in this market compared to lenders from further afield. The arrival of investor from overseas with long-term plans follows the recovery of commercial property markets in more developed markets elsewhere around the world. Read the leading stories from the world of business.Įnter email address This field is required Sign Up That would have been Ping An's first investment here and would have been the first major property investment by a Chinese buyer since the crash. In a sign of the changing face of investors here, Starwood is believed to have beaten a fund tied to the Chinese insurer Ping An. The deal means Starwood Property Trust is the first US Real Estate Investment Trust into Ireland and signals a new class of investor entering the market. The company is also buying the Iveagh Court complex on Harcourt Road as well as Marsh House at 25 to 28 Adelaide Road. LoneStar hired Eastdil Secured ahead of the refinancing but Starwood will instead buy the assets outright.Īmong the properties involved is the Watermarque Building in Ringsend, which counts AirBnB and Betfair among its tenants. The original deal came about as LoneStar began exploring refinancing options for the portfolio. The deal is expected to close before the end of June. Now though it has added three more office properties to the portfolio for €103m.Īccording to CoStar News, the aggregate purchase price for the 13-strong portfolio, which spans 630,000 sq ft, is €452.5m, with Starwood financing the enlarged purchase with a €294m five-year term loan from Morgan Stanley, which is also an underwriter in the common stock offering. That deal saw Starwood agree to buy the assets from LoneStar for around €350m. Last month Starwood Property Trust agreed terms to buy an office portfolio from fellow US investment firm LoneStar. A US real estate investment firm has increased its first major property deal in Dublin by nearly a quarter, taking its expenditure here to more than €450m.
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