The Singapore-headquartered real-estate investment trust Mapletree Investments is seeking a buyer for the Sorting Office, the 18,766sq m home of TikTok in Dublin’s south docklands.
Agent Cushman & Wakefield is understood to have circulated a confidential teaser document in relation to the sale to a select number of potential purchasers, as part of a targeted process. The guide price is understood to be €280 million – or some €40 million more than Mapletree paid to secure ownership of the office scheme from developer Pat Crean’s Marlet Property Group and its finance partners, M&G Investments, in 2019.
Should a sale proceed at the proposed price, the prospective purchaser would be in line for a net initial yield of about 4 per cent. TikTok signed a long-term lease in December 2021 in which it committed to occupy all 18,766sq m at the Cardiff Lane property on the basis of a 15-year lease, with 10 years’ term-certain and a rent-free period of about 18 months.
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