Europa Capital, the pan-European real estate investment manager has agreed to purchase one of Dublin’s most iconic landmarks, the Clerys building, with local partners and shareholders, Core Capital and Oakmount. It is intended that the former department store will be transformed into a major new retail, restaurant and office destination in the heart of the city of Dublin.
Prominently located on Dublin’s premier thoroughfare, O’Connell Street, this iconic property is currently vacant and is being acquired with an implementable planning consent to extend the building to c 181,450 sq. ft (currently 137,799 sq. ft). Europa intends to sympathetically transform the Clerys building, and to fully restore its many well-known historic features including its colonnaded façade and famous clock.
On completion of the redevelopment, the Clerys building will comprise a spectacular new panoramic rooftop restaurant, attractive retail units on O’Connell Street (over the lower ground, ground and first floors), further dining and drinking facilities integrating with the street at ground level, as well as 88,674 sq. ft of Grade A office space.
Once complete, Clerys will create around 400 new employment opportunities in addition to the 750 construction jobs it will provide during the development.
The site also includes a former warehouse on Earl Place which is planned to be redeveloped into a new hotel, which is expected to create additional jobs and further transform the area.
For further information, please contact:
Dido Laurimore/ Richard Sunderland/Tom Gough/ Eve Kirmatzis
FTI Consulting
Tel: 020 3727 1000
EuropaCapital@fticonsulting.com
Notes to Editors:
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 130 transactions totalling more than €11.0 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of Rockefeller Group International, Inc. (“RGI”), a subsidiary of Mitsubishi Estate Co. Ltd. RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com
