Colony Capital has sold its 74% controlling interest in two office properties located in Dublin’s city center for $351 million (€292 million) to Blackstone Property Partners Europe Holdings S.à.r.l.
The portfolio includes Burlington Plaza, a prime 238,000 square foot office complex located in the heart of Central Dublin, as well as The Three Building, a modern 157,000 square foot office property well-located in the South Docks.
Colony said the sale of its interests in two Dublin office properties generated $102 million in net equity proceeds to the company.
The portfolio is currently 98% leased on an 8-year average lease term (to break) to a blue-chip tenant roster including Amazon and Three.
Blackstone Property Partners Europe Holdings S.à.r.l.(BPPEH) is 100% owned by Blackstone Property Partners Europe.