SINGAPORE (Dec 16): Property developer Oxley Holdings announced Monday that its wholly-owned subsidiary, Oxley Docklands Quay Two, has entered into a memorandum of agreement for the sale of the leasehold interest of 297 years in No. 3 Dublin Landings for 115.0 million euros ($173.7 million).
Oxley is entitled to receive 77.8% of the sale price, with National Asset North Quays DAC receiving the balance.
In a regulatory filing on Monday, Oxley says the proceeds from the sale will contribute positively to the cashflow of the group.
No. 3 Dublin Landings is one of the five commercial buildings developed by Oxley at Dublin Landings, a new commercial centre in the heart of the Irish capital.
The property offers more than 1 million sqft of office, residential and retail space.
All the other four commercial buildings have been sold.
In addition to the commercial space, the group developed 298 residential apartments which have been sold and are to be delivered progressively from November 2019 to June 2020.
Total consideration from the development and sale of the commercial and residential developments is 745.4 million euros. Oxley is entitled to 591.5 million euros, while National Asset North Quays DAC receives the balance.
At the same time, Oxley says it is embarking on the development of a 2-hectare site at Connolly Station into a 1 million sqft mixed-use development comprising residential units, a hotel block, and office and retail space.
The new development at Connolly Station – one of the most central and highly accessible locations in Dublin City – has a gross development value of more than $1.0 billion.
“The completion of the Dublin Landings project marks a milestone in Oxley’s foray into Europe,” says Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings. “The new development at Connolly Station gives Oxley an excellent opportunity to participate in the transformation of the most visible location in Dublin.”
Shares in Oxley closed 1 cent higher, or up 2.9%, at 36 cents on Monday.
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