Eircom sells HQ for €190m

8 Dec 2006

Ireland’s largest telecoms operator has concluded a sale and leaseback agreement with real estate firm Quinlan Private in a transaction estimated to be in excess of €190m, it emerged this morning.

The deal effectively frees up a significant sum of money that Eircom may reinvest in its next generation telecoms infrastructure rollout and at the same time locate operations in a state-of-the-art building.

In recent weeks Eircom said it was committing to a capital expenditure of €1bn to create a next-generation network capable of advanced data services such as 24Mbps broadband, IPTV and video-on-demand services.

The new nine-storey HQ building was designed by Anthony Reddy Associates and has around 20,000sq ft of office space and parking for 190 cars. It sits alongside the Heuston South Quarter (HSQ) development currently under construction.

Jones Lang LaSalle sold the investment on behalf of Osprey Property Ltd, the property development arm of Eircom.

“1 Heuston South Quarter is a quality asset with an established tenant in a developing location adjacent to excellent transport links and the developing HSQ city district,” commented Thomas Dowd, a partner with Quinlan Private.

By John Kennedy