Hines Global Income Trust, Inc.(Hines Global), a public, non-traded perpetual real estate investment trust (REIT), sponsored by Hines, has sold Bishop’s Square, a Class A office building in Dublin, to GLL Real Estate Partners for €181.6 million ($196 million).
“Bishop’s Square is a great example of the value the Hines organization can provide,” said Alfonso Munk, Chief Investment Officer, Americas and President of Hines Global. “Coming out of the global financial crisis, our research team identified the Dublin office market as an attractive location based on strong office fundamentals and our Dublin team was able to capitalize on their local market knowledge and existing relationships to acquire Bishop’s Square through an off-market transaction.”
After acquiring the asset in 2015, Hines Global implemented energy-conservation upgrades, building improvements and an expansion which added 27,000 square feet. The more than 180,000-square-foot property is currently 100% leased with a weighted average lease term of 11 years.
“I am very proud of the work we did to enhance Bishop’s Square as we delivered transformative upgrades and improvements that will continue to enhance both the existing and future tenant experiences,” said Hines Senior Managing Director and Ireland Country Head, Brian Moran.
“The completion of this transaction in the current environment is further testament to the high quality of the asset and the fortitude of Hines’ local Irish team,” said Senior Managing Director and Hines Global’s Chief Operating Officer, Janice Walker. “We are very pleased to have provided such an excellent outcome for our investors.”