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Belfast developer's latest office project gets funding

By Peter Flanagan and Margaret Canning

Published 21/07/2015

An artist’s impression of how the Burlington House development will look on completion
An artist’s impression of how the Burlington House development will look on completion

Belfast-born developer Paddy McKillen has won funding for his latest office building project in Dublin.

German asset manager Union Investment has agreed terms to provide financing for the new office building at Burlington Road on the city's southside.

The block is being developed by UK firm Development Securities in partnership with Mr McKillen and fellow developer Johnny Ronan, as well as hedge fund Colony Capital.

Development Securities acquired The Mall shopping centre in Armagh, which is anchored by Sainsbury's, for £7.4m last year.

Paddy McKillen and the rest of the consortium bought the Dublin site, which formerly had a 1970s office building, a year ago. That building has since been demolished and work has been ongoing to clear the site ahead of new construction since that time.

The block, which is being built on a speculative basis, will ultimately provide around 172,000 sq ft of space when it is complete.

Other companies which have set up in the area include Amazon, BSkyB, Bank of Ireland, LinkedIn, IDA, EBS, CBRE and Groupon.

Union Investment's head of investment management Europe Philip La Pierre said: "After having made our debut in the Irish market, buying the 4+5 Grand Canal complex in Dublin's South Docklands, we are delighted to team up with Development Securities and its partners for our first forward funding deal in Dublin, adding to our extensive track record in European investment regions. This is one of the best buildings in Dublin with excellent leasing prospects."

Development Securities' chief executive Matthew Weiner said: "We are delighted to be joining forces once again with Union Investment along with our partners to be continuing to build our record in the delivery of high quality office-led developments.

"Burlington House will provide the best new office space in Dublin, a market where supply is limited and occupier demand continues to strengthen and we look forward to completing this iconic office space."

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