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Oxley sells Irish block for 164m euros on 300-year lease

A UNIT of Oxley Holdings has agreed to sell a 300-year lease of No 1 Dublin Landings for a total of 164.20 million euros (S$266.87 million) to Sol Estate Propco IE Dublin Landings SARL, the developer announced on Wednesday evening.

The unit, Oxley Docklands, will take 77.53 per cent of the sale price, which Oxley said was negotiated based on "prevailing market conditions" and market prices of surrounding properties.

A 16.5 million euro deposit has been paid, Oxley added, and the balance will be paid after completion, currently scheduled sometime in April 2018.

Previously known as Block D1, the property is located at 72-80 North Wall Quay, Dublin 1, Ireland.

The group's cashflow will be boosted by net proceeds from the sale, and Oxley meanwhile is seeking expressions of interest from potential purchasers of No 2 Dublin Landings.

It has already entered into an agreement to lease the whole office building at No 2 Dublin Landings for a 20-year term to coworking outfit WeWork.

Dublin Landings, launched in October 2016, consists of 65,000 square metres of flexible Grade A office and retail space and over 270 luxury residential apartments.

Oxley's shares were down by 2.94 per cent to close at 49.5 Singapore cents, before the announcement was made.