Colony Capital has sold its 74 percent controlling interest in two high-quality office properties located in Dublin’s city center for total gross proceeds of €292 million ($351 million) to Blackstone Property Partners Europe Holdings.
The sale of the company’s interests in Burlington Plaza, a 238,000-square-foot office complex located in central Dublin, and The Three Building, a 157,000-square-foot office property located in the South Docks, generated $102 million in net equity proceeds to Colony.
These interests were held in the company’s Tolka Irish NPL Portfolio within OED, which will continue to own several Irish assets on a debt-free basis subsequent to the transaction, which was consummated in line with carrying values for the assets.
