Brexit Relocation Hype May Be Overstated, Dublin Landlord Saysby
Asset manager says many inquiries in train before Brexit vote
Irish property owner has drawn about 50 inquiries so far
The number of companies seeking office space in Dublin in the wake of the U.K. vote to leave the European Union may be “overstated,” one of the city’s biggest landlords said.
Many of the firms seeking space in Dublin were already doing so before the Brexit vote, Patrick Burke, managing director of Great West Lifeco Inc.’s Irish Life Investment Managers division, said. Burke’s firm, which manages about 65 billion euros ($68.8 billion), has received about 50 inquiries so far, he told reporters in Dublin on Tuesday.
“Some of what’s come through already was already in train or somewhat in train,” Burke said. “We’re talking about Irish operations that are increasing the size of their operations here from London bases.”
As cities including Paris, Amsterdam and Dublin try to lure banks away from London following the U.K.’s decision to leave the EU, landlords are hoping to benefit from increased demand. Ireland is viewed as a favored destination for financial firms based in Britain that want to retain “passporting” rights, which allow them to do business within the EU.