It was Gavin Daly who last week first reported in the Sunday Times the sale of the Forum building on Commons Street in the International Financial Services Centre (IFSC) in Dublin to the New York investor, Atlas Capital which reportedly paid €28m for the 47,000 sq ft office block with 370 car parking spaces. The building is let to colorful German bank, DEFFA which is the Irish-based unit of Hypo Real Estate, the nearest Germany has had to an Anglo (so far!). The annual rent is €2.7m on a mixed lease with the office space rented on a 25-year lease with seven years until the next break. The car parking spaces are rented to Parkrite, Derek Quinlan’s car park company. The initial yield is indicated at 9.6%. The building was marketed by Knight Frank who gave prominence to the availability of NAMA staple finance. It is unclear if NAMA’s offer of staple finance was taken up by Atlas, a property investment company with a portfolio focused on Manhattan and the City of London. The Forum was owned by the Liffey Partnership, a company controlled by former King Midas and tax inspector, Derek Quinlan and property developer David Arnold
This is the Knight Frank brochure for the property.
NAMA is selling €500-750m of loans and property each month EVERY MONTH by reference to original book values of the underlying loans. A tiny fraction of the sales is detailed on here.