Published on : Tuesday, July 23, 2019
This is DFI’s first major investment in the Republic and follows the recent close of its inaugural fund, DFI European Value-Add Fund, with €436 million of equity, including co-investment.
The hotel has secured Bord Pleanála approval for a considerable number of structural modifications including an increase in the number of bedrooms from 70 to 112. New owners will also be allowed to enlarge the Library bar on the first floor, create a central courtyard, and install a basement restaurant. Windward Management has been brought in as the hotel operator.
Trinity Street Car Park, which is walking distance from the Central Hotel, comprises 171 car-parking spaces with ancillary retail and office use over five floors. The joint venture plans to enhance the asset’s income by pursuing alternative uses within the property.
Paul Nearchou, DFI director said that these are their first investments for the Fund in Ireland, allowing them to create value in prime locations and benefit from highly supportive structural trends, including an under-supplied commercial real-estate market; strong GDP growth; and high levels of foreign direct investment.