News Column

Development Securities Teams With US Fund, Irish Developers On Dublin Building

June 24, 2014

Steve McGrath

LONDON (Alliance News) - Development Securities PLC Tuesday said it had teamed with US property investment fund Colony Capital LLC and Irish property developers Paddy McKillen and Johnny Ronan to buy a 1.7-acre development site in Dublin for EUR40.5 million.

In a statement, the company said the acquired site on Burlington Road has existing planning consent for a 166,000 square foot office building which would replace the existing five storey, vacant office building that currently occupies the site.

It said work on the site is expected to begin within six months and the building to be finished in mid- to late-2016. The offices will be marketed for pre-lets over the near-term, it added.

"The acquisition at Burlington Road presents a rare opportunity to acquire a 'shovel ready' development site in Dublin, a market in which the supply of new, high quality office space is limited, and where only one major speculative development scheme is currently under construction," Development Securities Chief Executive Michael Marx said.

"This is our second acquisition in Dublin, a market where we see continued investment and development opportunities," he added.

Development Securities shares were up 1.6% at 220.75 pence Tuesday morning.

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Source: Alliance News

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