A fund owned by Deka Immobilien Investment GmbH (“Deka”) has agreed to acquire on a forward commitment basis a prime hotel and retail asset in the Liberties district of Dublin city centre for an undisclosed price.
Upon completion in 2023, the property will comprise a high quality 151 key hotel pre-let on a long term lease to Premier Inn, as well as three retail units. The scheme is targeting a Building Energy Rating (“BER”) of ‘A3’, BREEAM ‘Very Good’ rating and Near Zero Energy Building (“NZEB”) accreditation. The development is being delivered by Carey Issuer DAC, a company owned by Bain Capital, with the development managed by Carrowmore Property and a high calibre project team including main contractor BAM Ireland.
The property forms part of “Newmarket Yards”, a new landmark mixed-use development which once complete will also provide 413 high quality residential units, associated amenities and extensive landscaped public realm. Newmarket Yards forms a major component of the ongoing transformation of Newmarket, which has evolved rapidly in recent years to become an exciting mixed-use district.
George Stratton, director in the strategic investment advisory team at Savills, comments: “This high quality development will provide the purchaser with long and stable income from a new purpose built hotel in a vibrant and evolving location”.
Savills represented Deka on the acquisition whilst JLL represented Bain Capital.