Hines Global Income Trust Sells Dublin Office Building for $198 Million
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has sold Bishop’s Square, a 180,000-square-foot office building located in Dublin's Central Business District.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has sold Bishop’s Square, a 180,000-square-foot office building located in Dublin’s Central Business District, for approximately €181.6 million (approximately $198 million assuming a rate of $1.09 per EUR as of the date of transaction). An affiliate of GLL Real Estate Partners was the buyer in the transaction.
Hines Global originally purchased the Class A office building from New York-based King Street Capital in March 2015 for €92 million (approximately $103.2 million based on the exchange rate on the date of acquisition).
“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,” said Alfonso Munk, chief investment officer of the Americas and president of Hines Global.
The six-story building was completed in 2001, and after acquiring the property in 2015, Hines Global implemented energy-conservation upgrades, building improvements and an expansion which added 27,000 square feet. The property is currently 100 percent leased with a weighted average lease term of 11 years.
Hines Global Income Trust, which invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014 and its second offering in December 2017.
