London, England, 3 October 2018 – Cain International, the diversified real estate company investing in debt and equity opportunities in the UK, the US and mainland Europe, and its 50/50 joint venture partner Kennedy Wilson, have acquired a 2.3-acre commercial development site in Dublin.
The site, which is one of the last remaining development plots in the city’s thriving North Docks area, has planning permission for over 300,000 sq ft of Grade A office space. It was acquired from David Carson of Deloitte, acting as Receiver on behalf of the National Asset Management Agency (NAMA). Kennedy Wilson will be the development and asset manager of the property.
The transaction marks Cain International’s first investment in Ireland and is part of the firm’s broader pan-European investment strategy. Dublin’s office market is underpinned by Ireland’s position as one of the fastest growing economies in Europe. With 74,700 new jobs added in the last year along with strong net immigration, office take-up tracking is 75% above its 10-year average.
Separately, Kennedy Wilson and AXA Investment Managers – Real Assets have acquired the neighbouring 3.6-acre residential component of the development site through their Irish PRS joint venture, with planning permission already in place.
The combined site, known as City Block 3, comprises an entire city block (fronting Mayor Street Upper, Castleforbes Road, Sheriff Street Upper and New Wapping Street) and is walking distance to both local amenities and significant transport links. The land also benefits from being in the Strategic Development Zone (SDZ), which facilitates the regeneration of the area.
Richard Pilkington, Managing Principal at Cain International, said:
“With its strong economic growth, high occupier demand and low Grade A vacancy, Dublin is an appealing market for commercial real estate investment. We look forward to combining our expertise with the Kennedy Wilson team’s impressive track record in Dublin to create a truly exceptional workplace.”
Daniel Harris, Head of Investments – Europe, at Cain International, who led the transaction, said: “We are excited to partner with Kennedy Wilson on our first investment in Ireland. This acquisition takes advantage of Ireland’s growing economy and will maximise one of the last remaining sites in Dublin’s North Docks, which have become one of the preeminent locations for Class A office accommodation in the city. It is also part of our wider strategy to bring to bear the investment expertise we have developed in the UK and US across European real estate.”
Peter Collins, President of Kennedy Wilson Europe, said:
“Our development plans for CB3 will bring the next visionary, city-centre, mixed-used campus to Dublin, following the ongoing success at our iconic Capital Dock development on the South Docks. We are confident in our ability bring forward this major new scheme for Dublin, given the breadth of our local development experience. We are excited to be partnering with Cain International, an experienced global investor, to deliver another leading project for the city.”