OVERSEAS INVESTMENTS:A LIMERICK-BASED property company, Summergrove Developments, has availed of the drop in the value of the dollar to buy a retail investment in the centre of San Francisco.
The company has paid $17.5 million (€11.3 million) for the Mango store along a prime pitch at 117 Post Street in San Francisco's famous Union Square.
The 1,950sq m (21,000sq ft) building is predominantly let to Mango with multi-let offices on the upper floors.
The net initial yield of 5.4 per cent will be seen as attractive in the current investment market given low US interest rates at the moment.
Ashley Marrison of agent Cushman Wakefield (partnered in Ireland by Lisney) said the sale of this trophy investment in competitive bidding to Summergrove Developments demonstrated the strong demand for good quality US investment stock from both the UK and Irish market.
Summergrove is the main development and investment vehicle of Limerick-based developers Martin Tynan and Brian Dobson.
The company has recently been associated with a number of developments in the Côte d'Azur as well as developments and investments in the UK and Ireland. The San Francisco purchase is its first in the US.
