News

6th September 2017

Real IS acquire The Capitol Cork for €45.5 million

Cushman & Wakefield have advised Real IS on the acquisition of a prime grade A mixed use property on the former Capitol cinema site on St Patricks Street and Grand Parade in Cork.

Cushman & Wakefield have advised Real IS on the acquisition of a prime grade A mixed use property on the former Capitol cinema site on St Patricks Street and Grand Parade in Cork. The 91,000 sq.ft property was recently constructed to a high standard by John Cleary’s JCD Group and was 82% occupied at the time of sale. Real IS paid in the region of €45.5 million (NIY: 5.50%) for the multi tenanted property that has a term certain in excess of 11 years. Tenants in the property include: Facebook, Alienvault, Huawei, Lifestyle Sports, Homesense and The Oyster Tavern (Alan Clancy of 37 Dawson Street and House).

Kevin Donohue of Cushman & Wakefield who advised Real IS on the acquisition stated “The Capitol is an iconic building within Cork city centre that provides Real IS with long dated secure income to a number of high profile tenants, while also diversifying their portfolio away from Dublin.”