New York-based private equity firm Kohlberg Kravis Roberts & Co (KKR) has reportedly joined forces with London’s Delancey Estates to make an investment in Ireland.
The pair are buying the headquarters of financial services giant State Street and an adjoining site in an area of south Dublin, according to a report by Property Week magazine.
Meanwhile, the Irish Independent also reported The Blackstone Group was seeking to acquire Dublin’s Burlington Hotel for around €65 million.
The Ireland deal is the first for Delancey in the country since it began to stabilise and is being made with KKR, which recently advised clients to increase their allocation to real estate.
The headquarters building is eight stories high while there is also a 3-acre site at 78 Sir John Rogerson’s Quay in south Dublin docklands.
CBRE estimated that more than €1bn of capital was interested in the asset with bidders thought to include Hines and Kennedy Wilson.
It was placed on the market after the collapse of Danninger Group owned by private Irish investor Liam Carroll.
Delancey and KKR are not the only opportunistic investors to be buying in Ireland, reported PW as Blackstone is reportedly poised to buy Dublin’s Burlington Hotel in Ballsbridge, which continues to trade well despite being in receivership.
Blackstone is expected to spend more than €12 million refurbishing and rebranding the hotel as part of the Hilton Group. Five years ago, Blackstone acquired the Hilton Worldwide hotels empire for $26 billion.
In addition to the €271 million of commercial investments in the first nine months of this year, there is more than €700 million of property on the market or under offer, CBRE says.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
