DUBLIN: Irish Life will pay around €34 million for a substantial office investment in Ballsbridge, Dublin 4, which is expected to show a return of up to 7 per cent after refurbishing.
The 15-year-old Alexandra House in the Sweepstakes development had been owned by a syndicate headed by the late Liam May, one of the shareholders in Dundrum Town Centre.
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Later this week Irish Life will also know whether it has been successful in pitching for two high-quality office blocks rented by Facebook at Grand Canal Square in the south Dublin docklands.
Other funds chasing the investment are German pension fund Union, Hines and JP Morgan.
Hibernia Reit had made it into the second round of bidding but did not put in a final offer after failing to enlist a partner.
With the two Grand Canal blocks for sale as a pair or separately, selling agents JLL and CBRE had set strong guide prices of €102.2 million for number 4 and €113.8 million for number 5. The final figure is expected to exceed €220 million.
