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Meyer Bergman Fund and BCP Agree 90 Million Purchase of High Street Buildings in Prime Location in Central Dublin

02/12/2015

A fund advised by real estate investment manager Meyer Bergman has agreed to acquire a block of three High Street buildings in a prime location in downtown Dublin in partnership with BCP International Property Fund for a sum in excess of 90 million.

The partners have exchanged contracts with a fund advised by Aviva Investors to purchase the mixed-use buildings located on the western corner of Nassau Street and Dawson Street, opposite Trinity College. The 1970s buildings currently provide 9,400 m2 of space, parking for 125 vehicles and shop units that are currently occupied by Tiger Retail, House of Ireland and Millenium Gourmet Foods. The purchase is scheduled for completion in the first quarter of 2016.

The new owners are looking at multiple options for improving and adding value to the asset. The site is low density and could accommodate circa 200,000 sqft of space in a combination of extensions, redevelopment or refurbishment.

Blake Loveless, a Principal at Meyer Bergman, said: "Ireland offers some of the strongest growth prospects in the Eurozone and this asset is superbly located in Dublin's prime shopping district, with direct access to Grafton Street. We see plenty of asset management opportunities for the buildings, given the shortage of large retail units in the area and the considerable appeal of the Dawson Street address to office occupiers."

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