UK-headquartered alternative asset manager Cheyne Capital has provided an €80 million senior loan to Hines and the Petersen Group to refinance the partnership’s existing facility on Central Plaza in Dublin city centre. The monies will also be used to support fit-out works at the redeveloped former home of the Central Bank of Ireland.
Designed by the late, well-known architect Sam Stephenson, and built originally in 1978, today Central Plaza comprises some100,000sq ft of grade A office accommodation with flexible floorplates along with 65,000 sq ft of food and beverage and retail space. The scheme, which is distributed across five buildings, is home to 13 tenants at present, including WeWork, AmTrust International Underwriters and Krispy Kreme.
Commenting on his company’s decision to refinance the scheme, Andreas Dimitriou of Cheyne Capital Real Estate said: “We are pleased to be aiding the completion and stabilisation of this landmark property in such a highly sought-after location in central Dublin.
“Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment, and the asset’s high quality and strong target ESG credentials, including BREEAM ‘Excellent’, LEED Gold and a Net Zero Carbon status.”
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Peter Lynn, managing director of Hines, added: “Following the successful completion of construction and the substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with our business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan.
“We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this asset.”
