German asset manager buys office property in Dublin

German asset manager buys office property in Dublin
Image : KGAL

German investment and asset manager KGAL has acquired an additional office property, 2 Burlington Road, in the embassy quarter of Dublin for a pan-European real estate special AIF. The seller is the European private equity real estate platform Henderson Park,

The building at 2 Burlington Road, Saint Peter’s was purchased for an undisclosed sum and is fully leased to EBS Building Society – a 100% subsidiary of the stockmarket-listed Allied Irish Banks (AIB) – until 2027.

It was built in 2002 and comprises around 86,000 sq ft of rental area and 33 parking spaces. Its encompassing architecture consists of an elegant facade of glass combined with natural stone and aluminium, ensuring harmonious integration into the affluent embassy quarter.

“Dublin has a strong appeal to global IT companies. Google, Facebook and Amazon all have their European headquarters in the Irish capital. These companies continue to grow dynamically and thus drive the office market, ” explains André Zücker, Managing Director of KGAL Investment Managemnet and responsible for the real estate asset class, the attractiveness of the transaction. “Ireland has the youngest population in the EU, education levels are high, and demographic forecasts point to growth.”

The office property is located in one of the most desirable areas of Dublin City Center and benefits from its exclusive location in close proximity to the Grand Canal and Baggot Street. Around 20 international embassies are located within a kilometer of the property, plus prominent neighbors such as LinkedIn, the Bank of Ireland, Sky and Amazon.