Google buys Dublin tower

 
Marion Dakers
GOOGLE is set to move into Dublin’s tallest commercial building after buying the tower from the Irish “bad bank”, the National Asset Management Agency (NAMA), for €99.9m (£84.1m).

The 15-storey Montevetro development was completed in January, and is down the road from Google’s existing Irish office on Barrow Street.

Real Estate Opportunities, which built the tower, arranged a loan from NAMA to help complete the project after running out of cash.

NAMA also took on loans backed by the property during the credit crisis, but said yesterday it is set to claw back more than the amount it paid for the assets.

“The successful completion of the Montevetro development and its sale again reflect the positive potential of Nama to support the commercial property market in Ireland without compromising its objective of recovering monies owed to the taxpayer,” said Nama chairman Frank Daly.

Google said it will use the building to rehouse some of its Irish employees, who have outgrown the existing Barrow Street office. “Acquiring Montevetro also means we have the space and flexibility to support our future operations,” said Google’s head of Ireland, John Herlihy.