Global property company Kennedy Wilson has completed the sale of Baggot Plaza in Dublin city centre for $165.4m to Deka Immobilien, the specialist real estate investment arm of the Deka Group.
Kennedy Wilson said the net proceeds of $165.1m will be used to fund new opportunities including European acquisitions and developments as part of its investment management platforms.
The company bought the 92,000 square foot 1970s building on Upper Baggot Street as part of the Project Opera non-performing loan portfolio in 2013.
Kennedy Wilson then redeveloped the site, adding 37,700 square feet to the building, including a signature triple-height atrium, and transformed it into a Grade A, corporate headquarters.
In 2015, the Bank of Ireland signed a 25-year lease agreement for occupation in July 2016 at market-leading rents for the time.
