- High-quality hotel development in excellent location
- BREEAM certification with a rating of Very Good, energy rating BER A3, nearly zero energy building
- Mutual fund benefits from secure long-term cash flow
Deka Immobilien has secured a high-quality hotel development for the open-ended real estate fund Deka-ImmobilienMetropolen in the historic neighbourhood of The Liberties in Dublin. Offering outstanding sustainability standards, the Premier Inn property is a particularly good match to the criteria of the fund, where ecological and social factors remain a key focal point in the selection and management of real estate.
The hotel, which is scheduled to be completed in the first quarter of 2023, meets all sustainability requirements for hotel operators and investors. As soon as the construction is complete, the property will receive BREEAM certification with a rating of Very Good and the energy rating BER A3 (very good). Another positive for the new development is that it undercuts the legally defined energy consumption requirements by 35%, classifying it as a nearly zero energy building.
The hotel, which was acquired by Bain Capital and the Carrowmore Property Group, will house 151 rooms. A 25-year lease agreed with Irish hotel group PI Hotels & Restaurants Ireland Limited will secure long-term cash flow for the fund and its investors.
The property is part of the Newmarket Yards project, which – once completed – will comprise 400 high-quality residential units, leisure facilities and expansive public green spaces. Newmarket is undergoing widespread renovation and has quickly transformed into an up-and-coming mixed-use district over the past few years.