REO agrees sale of Montevetro building to Google (3753B)
17 Februar 2011 - 8:00AM
UK Regulatory
TIDMREO TIDMREOP
RNS Number : 3753B
Real Estate Opportunities PLC
17 February 2011
17 February 2011
Real Estate Opportunities plc (the "Company", "REO")
REO agrees sale of Montevetro building to Google for
EUR99.9m
Real Estate Opportunities plc, the real estate investment and
development group active in Ireland and the UK, is pleased to
announce that it has agreed the sale of Montevetro, Dublin's
tallest commercial office building, to Google for EUR99.9million,
to be satisfied in cash. Completion of the transaction is expected
in the near future.
Discussions between the Company's investment adviser, Treasury
Holdings, and Google began in early 2010 about Google taking a
lease of the building but late last year developed into discussions
for an outright sale.
REO's development of the landmark 15-storey building, which
commenced in March 2008 and completed in January 2011, comprises
210,000 sqft of prime office space in Grand Canal Dock, Dublin 2.
The three basement levels provide 80 car parking spaces and
extensive additional bicycle and motor cycle spaces. The building,
which reaches 67 metres, offers easy access to St Stephen's Green,
Baggot Street, the IFSC and Spencer Dock. It also offers unrivalled
connectivity to national infrastructure with an integrated DART
line which connects with Connolly Station.
Commenting, REO Chairman, Ray Horney said:
"We are very pleased to be able to announce Google's purchase of
Montevetro, Dublin's tallest commercial office building. REO's
stated strategy is to develop high quality, commercial real estate
in well located areas.
"The transaction is one of the largest sales of commercial
property in Ireland in several years and the company believes it
has achieved a very good price in the current market environment.
Google is an iconic name globally and its decision to buy
Montevetro is good news for Ireland and we wish them every success
in their new home."
REO is also pleased to announce that the international oil and
gas exploration company Tullow Oil plc is to lease a total of
48,000 sq ft in the Central Park development in Leopardstown,
Dublin. A member of the FTSE 100 index, Tullow Oil will be located
in Number One, Central Park, the newly completed, state of the art
office block.
Central Park is the prime suburban development of REO which is
home to a range of blue chip clients including Vodafone, Volkswagen
Bank, Lease Plan and Merrill Lynch. This doubling in size of the
Tullow Oil facility, along with the recent opening of the LUAS
Green line extension to provide easy access to the city centre,
further cements the location's importance in providing high quality
accommodation for blue chip corporates.
For further information, please contact:
Real Estate Opportunities plc
Ray Horney, Chairman
Tel: + 44 (0)1273 775 225
Matrix Corporate Capital
Paul Fincham
Tel +44 (0)20 3206 7000
Goodbody Stockbrokers Linda Hickey, Corporate Broking Tel +353 1
641 6017
Finsbury
Gordon Simpson / Arif Shah
Tel: +44 (0)207 251 3801
Murray Consultants
Ed Micheau
Tel: + 353 1 498 0300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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