Premier Inn Newmarket Yards
Deka exchanges contracts to acquire premier inn, newmarket yards, dublin from bain capital.
A fund owned by Deka Immobilien Investment GmbH (“Deka”) has agreed to acquire on a forward commitment basis a prime hotel and retail asset in the Liberties district of Dublin city centre for an undisclosed price.
Upon completion in 2023, the property will comprise a high quality 151 key hotel pre-let on a long term lease to Premier Inn, as well as three retail units. The scheme is targeting a Building Energy Rating (“BER”) of ‘A3’, BREEAM ‘Very Good’ rating and Near Zero Energy Building (“NZEB”) accreditation. The development is being delivered by Carey Issuer DAC, a company owned by Bain Capital, with the development managed by Carrowmore Property and a high calibre project team including main contractor BAM Ireland.
The property forms part of “Newmarket Yards”, a new landmark mixed-use development which once complete will also provide 413 high quality residential units, associated amenities and extensive landscaped public realm. Newmarket Yards forms a major component of the ongoing transformation of Newmarket, which has evolved rapidly in recent years to become an exciting mixed-use district.
Dan O’Connor, EVP at JLL, commented: “Premier Inn Newmarket Yards marks our second hotel sale on behalf of Bain Capital this year. On completion in 2023, the hotel will comprise the only new budget segment offering in a rapidly changing Dublin 8 postcode”.
George Stratton, Director at Savills, added: “This high-quality development will provide the purchaser with long and stable income from a new purpose built hotel in a vibrant and evolving location”.
JLL acted as selling agents on behalf of Bain Capital, whilst Savills represented Deka on the acquisition.
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