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Google snaps up NAMA's Montevetro for €99.9m

State agency makes its first big sale with Dublin’s tallest commercial property, the Montevetro building at Grand Canal Dock.

NAMA HAS MADE ITS FIRST big sale after Google agreed to buy Dublin’s tallest commercial property, the Montevetro building, near its Barrow Street HQ for €99.9m.

The 15-storey building, owned by Real Estate Opportunity, comprises 210,000sq feet of office space and was acquired by NAMA in April 2010 – before the development had been finished.

NAMA’s chairman Frank Daly said the state agency “provided extensive resources, including working capital and expertise” to finish the development to schedule.

Head of Google in Ireland John Herlihy said the company had reached capacity at its Barrow St premises and relocating some teams to the 15-storey building would help create more space in Google’s current properties.

Herlihy said the Dublin office is “a big part of the way Europe does business, but there’s still a long way to go”.

He said that Google’s operation in Dublin was expected to help drive online retail sales in Western Europe. “It’s a very exciting time in our company and it’s great to be a part of it,” Herlihy said.

Frank Daly said that the sale price means NAMA’s outlay on the property has been recovered. He described the project as an “excellent example” of how NAMA could enhance the value of its assets and said it was a positive sign for Ireland’s commercial property market.

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