Job Description: SDZ Land Sale - 13.1 Acres
Deal Size: Region €40m – Asset swap for 150,000 sq. ft. HQ Office Building.
Commentary: DLR Properties Ltd (DLRP) is a wholly owned subsidiary of Dun Laoghaire Rathdown County Council. QRE were retained as sole advisers to DLRP to dispose of their freehold interest in Town Centre 3 (TC3), Cherrywood. TC3 comprises a unique Town Centre development opportunity extending to approx. 13.09 acres (5.3 ha) with potential for a mixed use development of approx. 122,500 sq.m. (1.3m sq.ft.).
Rather than an asset sale, DLRP sought an asset swap that would provide a long-term income stream. QRE were tasked to design and implement an international marketing campaign culminating in Requests for Proposals (RFP) from interested parties. Prior to launch, QRE and DLRP worked in tandem to prepare all marketing material and develop the RFP. Upon receipt of RFPs, QRE & DLRP met with all shortlisted parties to facilitate a Q&A session. Thereafter, shortlisted parties were invited for final round interviews. Final clarifications were sought and a preferred bidder was selected.
The process resulted in DLRP entering into a transaction whereby they will be provided with a landmark Grade A office building (extending to approx. 150,000 sq.ft.) by an internationally recognised developer. The building is situated in a Gateway position on the site of TC3.
Testimonial: ‘We have worked with QRE since their inception in 2016. TC3 was a very complex and important transaction for DLRP. It was crucial that we succeeded in securing an asset that would provide long-term income. QRE ran an excellent process on our behalf and we are very satisfied with the outcome.’
- Conor Dalton, Chief Executive Officer, DLR Properties Ltd