Abu Dhabi’s sovereign wealth fund and Chartered Land are poised to buy what was once the most expensive land plot sold in Ireland, people with knowledge of the matter said.
A venture between Abu Dhabi Investment Authority and the Irish developer is leading the second round of bids for the property, said the people, who asked not to be named because the matter is private.
The site of almost seven acres in the Ballsbridge embassy district has drawn offers of about €155 million, The Sunday Times reported July 19.
O’Reilly didn’t return a call seeking comment and ADIA declined to comment. Pauline Dooley, a spokeswoman for Ulster Bank, which is leading the sale of the site, declined to comment.
Irish developer Sean Dunne, who was declared bankrupt in 2013, bought the site for about 380 million euros in 2005. At the time it was the highest price paid per acre in Ireland. Lenders, including Royal Bank of Scotland Group Plc’s Ulster Bank, took control of the land in 2009 when the real estate market collapsed.
“It’s the Knightsbridge and Mayfair of Dublin,” said Tom Dunne, a real estate lecturer at the Dublin Institute of Technology. “It’s really the best location in terms of where middle-class people live and where they want to be.”
The site has planning approval for 490 apartments, a 152- bedroom hotel as well as retail and leisure space, brokers Eastdil Secured LLC and Savills Plc said in April.
News by Bloomberg, edited by Hospitality Ireland
