Marlet Property Group Announces €102 Million Re-Financing Facility with Cheyne CapitalReal Estate for The Shipping Office
Marlet Property Group today announced that the company has finalised a €102 million re-financing facility with Cheyne Capital Real Estate for its now completed commercial development, The Shipping Office.
Situated in the heart of Dublin’s South Docks (Silicon Docks), one of the world’s leading tech hubs, the building offers 16,923 sq m of prime office accommodation, 1,185 sq m of roof garden, 5 large terraces, 27 showers, extensive changing facilities, 16 basement car parking spaces with two electric charging points and 234 bike spaces.
The Shipping Office is designed to be one of the most sustainable buildings in Ireland. The building will achieve LEED Platinum Certification and NZEB status, is WiredScore Platinum, holds an A3 BER Rating, and exceeds EU Taxonomy Regulations. The eight-storey office-led building, features open floor plates with access to multiple landscaped terraces as well as state-of-the-art staff facilities to allow for flexibility with light, well-being, and sustainability as its guiding principles.
Marlet CEO Pat Crean said, “We are proud to bring this state-of-the-art commercial building to the market. We are particularly pleased with this new re-financing facility, and I want to thank the team at Cheyne Capital for their support which exhibits strong confidence in Ireland’s commercial office market. This exceptionally located and well-designed, modern office space with best-in-class amenities and ample landscaped area, will attract many prospective tenants.”
Anna Bulach, Cheyne Capital Real Estate said, “We are very impressed with Marlet’s track record of delivering high quality and environmentally driven development projects in Ireland. We look forward to working with them on this landmark office building which underlines our interest in best-in-class offices built for the future.”
The Shipping Office offers infinite river views and is among the last true waterfront locations to be developed in the South Docks. Sitting on the corner of Sir John Rogerson’s Quay and Lime Street on the banks of the River Liffey, there is not a more central and premium location for this new Grade A office building. McCann Fitzgerald advised Marlet on this transaction and the arranger of the re-financing facility was Conduit Re. Cushman & Wakefield are managing the lettings of the building.
About Marlet Property Group
Since the acquisition of the first site in 2014, Marlet has grown to become one of Ireland’s largest independently owned property companies. Marlet now controls and manages property assets valued at over €2.5bn for its investors. The hallmarks of its portfolio are quality and diversity with assets ranging from development sites to completed apartments, office blocks, student accommodation, hotels, and retail parks.
About Cheyne Capital Real Estate
Launched in 2000, Cheyne Capital is one of Europe’s leading alternative investment managers and is headquartered in London. Cheyne invests across the capital structure from the senior debt to the equity of corporates and real estate. Real estate investments account for approximately half of the firm’s c. $11 billion under management and span direct real estate lending, securitised European real estate debt and selective special situations, including impact real estate investing in affordable and specialist housing.
In real estate lending, Cheyne seeks to provide specialised non-bank loans to borrowers in select European markets, with a flexible approach that enables it to invest into all parts of the capital structure.