A prime retail site in central Dublin has been snapped up by investment firm Meyer Bergman and Irish asset management company BCP for €90m (£65m).
The buildings, located on the corner of Nassau Street and Dawson Street, are located opposite Trinity College and close to Dublin’s biggest shopping area Grafton Street.
Contracts have been exchanged and the deal is expected to complete in the first quarter of 2016.
The buildings, which currently house retailers including fashion and homeware retailer House of Ireland, variety chain Tiger Retail and food supplier Millenium Gourmet Foods, as well as offices, will be extended from 101,200 sq ft to 200,000 sq ft.
Meyer Bergman will own the majority share, with BCP Private Equity and BCP International Property Fund together committed to take up a third of the project.
George Walsh-Waring, a director at Meyer Bergman, said: “Central Dublin is a market we have been targeting for the right opportunity for the past few years.”
Blake Loveless, director at Meyer Bergman, added: “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.”