Commerz Real fund enters Irish market with Dublin office buy

Commerz Real fund enters Irish market with Dublin office buy

Commerz Real has acquired 1&2 Dockland Central, an office property totaling 13,700 square meters in Dublin, from Hibernia REIT for €152.3 million for its Hausinvest open-ended real estate fund.

“With the very good quality of the building, the renowned tenants and the outstanding location ‘1&2 Dockland Central’ is a successful entry into the Irish real estate market for Hausinvest,” said Maja Procz, Global Head of Transactions at Commerz Real.

The property, which was built in 2000 and refurbished in 2017, comprises two adjoining buildings which have separate lobbies with inner courtyards, separate lifts and building technology, and thus offer considerable flexibility.

Both buildings are five storeys high and are connected by a common basement. With 144 parking spaces and 167 bicycle stands in the underground garage the property offers sufficient parking space. 90 per cent of the leases in the fully-let building are accounted for by the three main tenants: HubSpot, an American software company, the investment bank BNY Mellon, and the Irish Commission for Communications Regulation.

1&2 Dockland Central is located on the northern quayside of the River Liffey in the North Docks district, and is thus part of the expansion of Dublin’s financial centre.

The docklands have enjoyed considerable regeneration in recent years and are now home to numerous financial services and technology companies, as well as new, ultra-modern office buildings.

The North Docks area in particular has benefitted from excellent tram connections – with a tram stop right in front of the doors of “1&2 Dockland Central” – as well as the proximity to Dublin Airport.