The investment arm of Germany’s DZ Bank has acquired a planned office block in Dublin from US property group Hines for an undisclosed sum. Union Investment has acquired the planned 9,600sq m property through a forward funding deal which sees Hines and its Hong Kong partner, the Peterson Group, build the property on a speculative basis. The property, at 2 Grand Parade, sits on what was the former headquarters of PJ Carroll’s cigarette company and subsequently Irish Nationwide Building Society. It is located adjacent to Charlemont Luas stop which is also, at present, expected to be the site of an underground station for the planned MetroLink project. The entire development at two Grand Parade consists of two sections with about a third of the rental space located in the Carroll’s building.

Source: The Irish Times January 31, 2020 10:41 UTC