U.S. opportunity fund buys Dublin mixed-use asset for $210m
Starwood Global Opportunity Fund X, a fund managed Starwood Capital Group, has acquired Elm Park, a large-scale office and residential campus in Dublin, for €190 million ($210 million) from receivers Duff & Phelps.
Following the transaction, the SOF X affiliate will partner with Chartered Land to invest in the development and enhancement of the property, which comprises 17.3 acres and 750,000 square feet of space.
Chartered Land will oversee development of the eight-story, 174,000-square-foot Pioneer Building — located at the front of the campus and featuring views of Dublin Bay — into a top-quality commercial office asset.
Elm Park also includes two fully occupied office blocks, two blocks of multifamily housing totaling 332 units, a café, a daycare facility and a leisure center.
SOF X closed in 2015 with $5.6 billion in equity commitments. It is the firm’s largest fund to date. The opportunity fund has been