Cork quays office block anchored by Clearstream sold to French company for unconfirmed €60m+

OCP Deal seen as a boost to Cork city's draw, especially as bought during a global pandemic

Deal done: Block One at Cork city's Navigation Square, NSQ1. has been sold to French property investor Corum Asset Management for an undisclosed sum, likely to be in excess of €60 million. It was developed by O'Callaghan Properties and is anchored by finance-related IT firm Clearstream, part of Deutsche Borse Group

A FRENCH property company has just bought a Cork docklands office building, anchored by a German linked financial services firm, for an unconfirmed sum, likely to be just  in excess of €60 million.

The deal, secured by one of Cork’s largest developers O’Callaghan Properties (OCP), sees the successful investment sale of Block One at Navigation Squares, on Albert Quay, on the south quays just downriver of City Hall.

The 120,000 office block NSQ1, built in 2019 and anchored by tenant Clearstream which is part of the Deutsche Börse Group, is one of four buildings being built in the 360,000 sq ft office scheme, Cork’s largest and capable of hosting up to 3,000 jobs.

Two blocks are completed, and a third is to go on site later this year as the city’s office market shows signs of unexpectedly strong recovery post-Covid-19.

View from the top at Navigation Square

Purchasers of the investment are Corum Asset Management on behalf of its fund, Corum XL, which manages a property portfolio of more than €3bn, with property interests throughout Europe, and which has had a particular focus on Ireland in recent years.

The value of Corum’s acquisition isn’t disclosed, but market sources indicate a possible value of up to or even €60m+

The deal is described as “a really positive endorsement for Cork and for the City Docklands,” by Brian O’Callaghan, MD of O’Callaghan Properties.

Navigation Square developer Brian O'Callaghan pictured with NSQ1 behind him, in 2019

“Navigation Square was undertaken as a flagship, ambitious development capable of hosting large scale multinational and indigenous investment projects within Docklands.

"Corum’s decision makes a big statement about the location, the full development of which will be transformative for the city,” he stated.

“In addition, substantial investment by such a major asset management company makes a very clear statement about the future of the office development market in optimal locations like Docklands, in the post-Covid period,” Mr O’Callaghan asserted.

Retained limestone warehouse facade at NSQ1

Corum’s head of Real Estate Philippe Cervesi said Navigation Square “delivers best-in-class institutional office product in an area that is ear-marked for substantial mixed-use development over the coming years. Navigation Square, along with several other schemes in the vicinity, will help regenerate the Docklands area and continue to move the city forward in its growth plan that it has excelled in over the last few of years.” 

Corum’s Mr Cervesi added that “a long term commitment by a market-leading financial tenant like Clearstream in the building shows Cork city centre has the ability to compete for multinational occupiers against other European cities.”