Funding secured for €125m City Quay office development in Dublin's docklands

Irish Life will pre-fund the €125m development of 13-18 City Quay in Dublin’s docklands, City Development Fund has confirmed.

Upon completion of the development, full ownership will be transferred to Irish Life.

This acquisition follows Irish Life’s recent purchase of Velasco on Grand Canal Street, another modern office building due for completion in the early part of 2017.

The 118,000 square foot office building – which will be constructed by Bennett Construction – has been pre-let to Grant Thornton, one of Ireland’s leading business advisory firms. Up to 350 workers will be employed in the building’s delivery, which is due for completion in May 2018.

The project is part of The Reveal Developments which aims to highlight Dublin’s creativity, confidence, intelligence and connections to global business.

Irish Life has been very active in the Irish market over the last four years having acquired €1bn of direct property.

"We are very pleased with the addition of 13-18 City Quay to our portfolio of prime Dublin City office properties. Upon completion 13-18 City Quay will be a state of the art office building offering an environmentally sustainable and energy efficient work environment," said Martin O’Reilly, head of property at Irish Life.

"The acquisition through forward funding of this core pre-let development nicely complements the high quality office stock in our portfolio, which has been reinvigorated through new acquisitions, refurbishment and development through the current cycle."