Blackstone, Google reportedly buy NAMA's 'Platinum' portfolio

Monday 06 January 2014 16.59
Two of the four properties are situated close to Grand Canal Square
Two of the four properties are situated close to Grand Canal Square

US private equity Blackstone Group has bought three properties in NAMA’s ‘Platinum Portfolio’ of Dublin offices with Google buying the fourth unit, according to reports.

Blackstone has paid around €100 million for Hume House on Pembroke Road, Bloodstone Building on Sir John Rogerson’s Quay and Riverside IV’s Block B on Britain Quay, according to news agency Bloomberg.

Meanwhile Google is reported to have paid around €65 million for Grand Mill Quay on Barrow St, which it already partially occupies.

The news agency cited two people familiar with the deal and said Blackstone, Google and NAMA had all declined to comment.

The combined value of €165 million would mark a 37.5% increase on the original asking price placed on the portfolio late last year.

Blackstone has been increasingly active in the Irish market in recent years, buying the Burlington Hotel in Dublin for €67m from receiver Grant Thornton in late 2012.

Google, meanwhile, occupies a significant portion of the office space on Barrow St.

Its European headquarters are in Gordon House, while it spent €227 million buying a number of properties in the area in 2011.

According to property news site CoStar News the two companies out-bid second round offers from Hibernia REIT and Irish Life, while British property investment firm Delancey was also reported to have been interested at an early stage of the process.