A vacant office building in the north Dublin docklands bought by the Comer Group in 2013 for around €5 million has been fitted out and sold on to the South Korean-based Kookman Bank as a long-term investment for €101 million. Six years later it was offered for sale on the instructions of receivers acting for the Bank of Scotland (Ireland) and was bought by the Comer Group. The Comer Group is understood to have spent a further €30 million on a high-quality fit out before letting it to Facebook on a 15-year lease at annual rent of €4.53 million. The rent works out at €250 per sq m (€23.50/sq ft) – substantially less than the going rate in the docklands. Luke Comer, chairman of the Comer Group, said the group would continue to invest in Ireland through their development pipeline and would continue to seek opportunities and adding value.

Source: The Irish Times May 23, 2018 04:41 UTC