State’s health authority acquires US property giant Starwood’s interests at scheme developed by Bernard McNamara in 2007 at cost of €550m
The Health Service Executive has paid just over €50 million for US property giant Starwood ’s remaining interests at Elmpark Green, the vast office and residential scheme developed in 2007 by Bernard McNamara, Jerry O’Reilly and the late David Courtney at a cost of €550 million.
The price paid by the HSE represents a significant discount on the €190 million Starwood paid in 2016 to acquire the current portfolio and two other assets which it later sold. The other remaining assets include the 91,000sq ft Vista Building, which is leased to global healthcare company Novartis, producing an annual income of €1.8 million, and six ancillary commercial units extending to a combined 44,000sq ft, which comprise a leisure centre, two coffee shops, a creche, a management suite and a conference centre.
The HSE secured the Elmpark Green portfolio in the face of competition from a number of parties including Derek McGrath’s Core Capital, Tetrarch Capital, Lugus Capital, Pat Crean’s Marlet Property Group, Shane Whelan’s Westridge Real Estate, and Signature Capital. CBRE advised Starwood on the transaction while QRE Real Estate Advisers acted on behalf of the HSE.US investor to offload Cork’s Blackpool Shopping Centre at heavily discounted €49.
Hse Pat-Crean Marlet-Property-Group Derek-Mcgrath Core-Capital Tetrarch-Capital Lugus-Capital Westridge-Real-Estate Shane-Whelan Signature-Capital Elmpark-Green Bernard-Mcnamara Dublin-4 St-Vincent-S-University-Hospital
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