The Irish Times - June 20, 2007
Eircom is to embark on a sale and leaseback of another of its principal buildings in Dublin. The company's network management centre at Citywest is expected to make around €40 million when it is offered for sale shortly by Sean O'Neill of DTZ Sherry FitzGerald.
Last December Quinlan Private bought Eircom's new headquarters near Heuston Station for over €190 million in a similar sale and leaseback deal. Although details of the latest sale have not been confirmed, Eircom is expected to pay a rent of about €2 million for the three-storey block of 6,875sq m (74,000sq ft) fronting onto the N7 Naas Road.
This would show a net yield of 4.5 per cent. Purchasers will be offered the opportunity to make offers based on the inclusion or exclusion of a tenant-operable break option in year 15 of a 25-year lease. There are 280 surface car-parking spaces but a small exchange on the site will be excluded from the sale.
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