George’s Dock House, IFSC, Dublin 1

   

   

The property is let under six 25 year FRI lease from 1/7/1996 at a total rent of €2,047,975 per annum. The leases provide for upward only reviews each 5th year of the term.

The lease details are as follows:

No. 2 Georges Dock, Dublin 2 - Tenancy Schedule
FloorTenantSq. M.Sq. Ft.Lease CommenceTerm Lease EndBreakNext Rent ReviewNo. of Car SpacesTotal Rent passing
GroundRabobank Ireland PLC7898,49601/07/199625 years30/06/2021 N/A1st  July '167€388,500
First FloorRabobank Ireland PLC845 9,10001/07/199625 years30/06/2021N/A1st  July '168€437,500

Second Floor -Part

Airbus Financial Services3393,65001/07/199625 years30/06/2021N/A1st  July '164€178,250

Second Floor (Part), Third & Fourth

Susquehanna Ireland Limited

2,072

22,304

01/07/199625 years30/06/2021N/A1st  July '1621€1,043,725
TOTAL 

4,042.4

43,511

     40€2,047,975

     

Covenant Details

   

Rabobank (Ireland) consists of three banking entities in Ireland which is part of the Dutch owned Rabobank Group. The three Irish based businesses are Rabobank (Ireland) plc, ACC Loan Management and RaboDirect Ireland.

Rabobank first came to Ireland in 1994 when it established the commercial bank RaboBank (Ireland) plc in the IFSC in Dublin. In 2002 Rabobank bought the Agricultural Credit Corporation (ACC Bank). In 2005 Rabo launched its online savings bank RaboDirect which provides online savings accounts and savings products such as PRSA's.

The latest published accounts for Rabobank Ireland show a total profit of €35.7 million and assets of €10.7 billion.

  

Susquehanna (SIG) is a world leading trading, market making, technology, and research firm. SIG is one of the most successful privately held financial institutions in the world. With offices around the globe, the company trades virtually every major financial product and is recognized for its disciplined and quantitative trading approach.

Founded in Philadelphia in 1987, SIG established a European headquarters in Dublin in 1999 and now has over 300 employees working in Trading, Technology, Research, Operations, Compliance, Risk, Legal, Finance and HR. Susquehanna Ireland’s latest accounts show a net profit of €38 million and net assets of €214 million.

 

Airbus Financial Services (“AFS”) was set up by Airbus to finance commercially and independently the development costs of the Airbus A321. Ireland was selected because of its skilled professionals, especially with respect to aviation. The success of the Dublin operation has led to the growth of AFS’ activities to being both owner and lease manager for the fleet of “Airbus owned” (including five Beluga aircraft) and financed aircraft, as well as manager of those aircraft owned by third party financiers. The portfolio currently under management is approximately $5 billion in value.