ACQUISITION
BNP Paribas Real Estate acquired 90-91 St. Stephen’s Green on behalf of a domestic insurer for €26.73 million. The property is located in arguably Dublin’s most enviable location with views of both St. Stephen’s Green and the Iveagh Gardens to the rear. The building is fully let to a subsidiary of Standard Life with a full parental company guarantee in place. The initial rent roll at time of investment was highly reversionary and our CRE team achieved a 92% rental uplift at the latest rent review, from €645,000 per annum to €1,250,000 per annum. Our agency team has recently negotiated a deed of variation with the existing tenant and our client intends to utilise BNPPRE services to future proof this prime piece of real estate in order to maximise its investment potential going forward.
