Our Experience

Project Tolka

Purchase and transaction advisory services on NPL portfolio purchased for €475m with par value debt €1.3bn secured on over 30 mostly commercial assets. During due diligence delivered asset valuations and portfolio individual asset level plans.

Post purchase took responsibility for delivery of asset level plans including property management, rent reviews, lease regears, re-lettings along side value add initiatives across the portfolio. Preparation assets for sale, title, compliance gaps etc. Some of the office assets were part interests, which added a complication to realisations.

Portfolio Details

  • Portfolio 1.5m sq ft mostly office buildings spread over 30 assets.
  • Total CBD offices 425,000sqft over 6 assets. Main office assets included Burlington Plaza, Burlington Road; The Three Building, South Docks; and 87/88 Harcourt Street.
  • Non-CBD offices total 527,000sqft over 10 assets with the largest Belfield Office Campus 250,000 sq ft
  • Retail assets totalled 400,000sqft with 8 assets.
  • City Arts office site, potential c.100,000sqft development.
  • Other sales including two hotels to Dalata (Cardiff Lane & Liffey Valley total 310 keys)

The majority of the assets were sold within 5 years. The residual loan portfolio was sold to Fortress as part of a corporate sale of Colony assets. We remain involved in many of the assets to date.

Projects Spectrum & Acorn

Combined purchase and due diligence on two portfolios covering nine shopping centres and one office a total of 1,543,524 sq ft at an entry price of c€300m.

Individual, lease by lease asset level plans prepared annually for each asset. Each plan was then executed including construction of new space, lease restructures renewals and new lettings in some challenging market conditions adding to NOI.

Portfolio Details

  • Nine shopping centres and one office with over 220 tenants.
  • €2m of annual landlord capex deployed in pursuit of value add initiatives.
  • Financial management services for CBI regulated fund structure.
  • Lead design, planning and construction of new:
    • Cinema, let to Omniplex
    • Petrol Filling Stations, both let to Applegreen
    • Coffee Pods, let to Costa
    • Drive Thru, let to KFC

The Hive, Sandyford

Single 73,000 sq ft office asset in insolvency situation. We were appointed as Asset Manager when the building was vacant following an extensive refurbishment and unsuccessful marketing campaign.

The building had been refurbished to a high standard but failed to let, working with the retained letting agents we agreed a new marketing strategy and after limited capital expenditure relaunched the building to the letting market.

A variety of high quality local occupiers chose to relocate to the building having proved receptive to the revised pitch for the building.

Potential onward purchasers were identified before leasing commenced and the leasing decisions were made with this exit front of mind.

The building is now on the market as a long term income opportunity.