Airbnb’s European headquarters up for sale for 41.5 million euros – The Irish Times

The sale of Airbnb’s European headquarters is expected to attract strong interest from Irish and international investors amid low interest rates and lack of returns elsewhere.

Located at the junction of Hanover Quay and Benson Street in Dublin‘s South Docklands, 8 Hanover Quay, as it is known, will go on the market later this week on behalf of a fund managed by BNP Paribas Real Estate Investment Managers (BNP Paribas REIM) at an indicative price of €41.5 million.

The sale by joint agents BNP Paribas Real Estate and Savills offers the potential buyer the possibility of securing immediate rental income supported by a solid rental clause and an attractive net initial yield of 3.73%. Both agents declined to comment on the sale when contacted by The Irish Times.

While the property in question has served as Airbnb’s headquarters for Europe, the Middle East and Africa since 2016 and includes 3,747 m² (40,343 sq ft) of A-level office space, its warehouse of originally served for many years as the old Raleigh Bicycle Factory. before being redeveloped by Targeted Investment Opportunities, a joint venture involving Nama, Oaktree and Bennett Construction.

Practical completion was reached in 2016 and today the building boasts a full-height central atrium featuring a natural auditorium which has made it one of Dublin’s most photographed office interiors.

Number 8 Hanover Quay is leased in its entirety to Airbnb Ireland Limited under a full repair and insurance lease with full warranty from Airbnb Inc’s incumbent parent company, which has been subject to an initial public offering in December 2020 and has a larger market capitalization than the United States. $100 billion.

Airbnb’s next option to terminate the lease at 8 Hanover Quay is in March 2030, giving the property an attractive certain term of 8½ years and a weighted average unexpired lease term of 14½ years expiring in 2036 .

Dublin Market

The building’s current rent of €1.7 million (€454 per m²/€42 per square foot) offers the buyer a highly reversible investment proposition in the context of the current Dublin market, where Prime offices in the central business district continue to dominate rents between €55 and €60/m². The next rent review (free market) is scheduled for March 2026. The building’s rating is “very good”. In the absence of on-site parking, staff must walk or cycle. The building has strong environmental, social and governance credentials with a Breeam (Building Research Establishment Environmental Assessment Method) sustainability review. Plus, public transportation adds to its green credentials.

Airbnb also occupies an additional 3,715 m² (40,000 square feet) over 2½ floors in the adjacent Reflector building, which is now owned by German real estate investor Deka Immobilien.

BNP Paribas REIM has agreed to break down the boundary wall between the ground floor and 8 Hanover Quay and the Reflector Building to enable a seamless working environment for Airbnb employees between adjacent properties.