{"id":173154,"date":"2025-11-10T13:30:08","date_gmt":"2025-11-10T13:30:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/173154\/"},"modified":"2025-11-10T13:30:08","modified_gmt":"2025-11-10T13:30:08","slug":"german-investor-pays-e50m-for-dublin-docklands-office-block-roughly-half-the-sale-price-in-2018-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/173154\/","title":{"rendered":"German investor pays \u20ac50m for Dublin docklands office block, roughly half the sale price in 2018 \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">Having sold for \u20ac106.5 million in 2018, No 2 Dublin Landings has now been sold again for just over \u20ac50 million.<\/p>\n<p class=\"c-paragraph paywall \">The amount paid by German investor MEAG, is some \u20ac10 million less than the \u20ac60 million which had been sought by agent Savills when it brought the <a href=\"https:\/\/www.irishtimes.com\/tags\/office-investment\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/office-investment\/\">property <\/a>to the market on behalf of receivers <a href=\"https:\/\/www.irishtimes.com\/tags\/deloitte\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/deloitte\/\">Deloitte <\/a>at the end of last October. <a href=\"https:\/\/www.irishtimes.com\/tags\/meag\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/meag\/\">MEAG<\/a>\u2019s intention to acquire the building was first reported by The Irish Times in February. <\/p>\n<p class=\"c-paragraph paywall \">The sale price falls someway short of the \u20ac60 million-plus loan the German bank <a href=\"https:\/\/www.irishtimes.com\/tags\/helaba\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/helaba\/\">Helaba<\/a> extended to the building\u2019s outgoing owners, South Korean real estate investment trust JR AMC and Hana Financial Investment, when they acquired the property in November 2018 through German investor KanAm Grund. <\/p>\n<p class=\"c-paragraph paywall \">Helaba engaged Deloitte as receiver to recover the money owed to it in February of last year. The \u20ac50 million figure pales even further when compared with the \u20ac140 million valuation mooted when JR AMC and Hana weighed the sale of the property in 2022.<\/p>\n<p class=\"c-paragraph paywall \">A more recent attempt by the owners to refinance the building faltered after its tenant, <a href=\"https:\/\/www.irishtimes.com\/tags\/wework\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/wework\/\">WeWork<\/a>, filed for Chapter 11 bankruptcy in the US last November.<\/p>\n<p class=\"c-paragraph paywall \">Developed by Sean Mulryan\u2019s Ballymore in partnership with Singaporean-headquartered, Oxley, at their wider one million square foot mixed-use <a href=\"https:\/\/www.irishtimes.com\/tags\/dublin-docklands\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/dublin-docklands\/\">Dublin Landings development<\/a>, No 2 Dublin Landings remains fully let to WeWork, which has now exited from bankruptcy following the rationalisation of its global portfolio at the end of May 2024. Under the terms of the process confirmed by the US bankruptcy court, WeWork eliminated $4 billion of its pre-petition debt and will save $12 billion (\u20ac11.45 billion) in projected lease liabilities.<\/p>\n<p class=\"c-paragraph paywall \">It amended the terms of more than 170 of its office leases and exited from 160 of its locations. As part of that process, the flexible workspace giant negotiated a \u20ac1.38 million reduction in its annual rent for No 2 Dublin Landings, bringing the figure from \u20ac5.38 million to \u20ac4 million.<\/p>\n<p class=\"c-paragraph paywall \">It also handed back the smaller of the six-storey building\u2019s two penthouse top floors, which measures 21,000 sq ft<\/p>\n","protected":false},"excerpt":{"rendered":"Having sold for \u20ac106.5 million in 2018, No 2 Dublin Landings has now been sold again for just&hellip;\n","protected":false},"author":2,"featured_media":173155,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,10914,11551,18,98808,19,17,98807,30822],"class_list":{"0":"post-173154","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-deloitte","10":"tag-dublin-docklands","11":"tag-eire","12":"tag-helaba","13":"tag-ie","14":"tag-ireland","15":"tag-meag","16":"tag-office-investment"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115525650077654706","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/173154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=173154"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/173154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/173155"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=173154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=173154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=173154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}