AGC Equity Partners Limited has acquired an office block for €242 million in Dublin.

Joint receivers Luke Charleton and David Hughes of EY announced the sale of One Spencer Dock, a 21,000 square metre office block which is fully occupied by professional services firm PwC.

Joint selling agents Savills and CBRE sold the property on behalf of the joint receivers and Davy Real Estate.

Joint Receiver Luke Charleton of EY, who were appointed receivers to the NAMA-secured property, said: "We are very pleased to announce the sale of One Spencer Dock following significant interest from domestic and international investors, which is a testament to the potential and value of a major development such as this. This is a successful outcome which reaffirms the international investor interest in Dublin.

-- Advertisement --

"This is the first big investment by a major institution following the Brexit referendum."

The building comprises a nine storey over basement modern office facility which provides Grade A accommodation with 100 basement car parking spaces. The entire property extends to approximately 21,054 sq m (226,624 sq ft).

Fergus O'Farrell of Savills added: "The sale marks a significant milestone for the Irish market, and reflects investor confidence in the office market supported by continued strong occupier demand in the city centre leading to further rental growth."

(CD/LM)