REInvest Asset Management has acquired a prime office building, located at 5 Harcourt Road in Dublin, Ireland from Henderson Park for €65 million.
5 Harcourt Road is fully let on a long-term basis to WeWork.
The property was purchased for the Dereif Sıcav-Fıs fund which invests in European real estate. The main investor in the Luxembourg-based real estate special fund is a major German insurance company.
Completed in 2018 and certified with the LEED Gold real estate sustainability accreditation, 5 Harcourt Road, is situated in the developing urban core where suburban Rathmines and South Circular Road meet Dublin city centre.
The district runs south of the River Liffey which divides Dublin in two parts, not far from the public green spaces of Iveagh Gardens.
In addition to the ground floor and the six upper floors, including a large roof terrace, the office property comprises a total of around 4,700m² of lettable space. In addition to 14 underground parking spaces, there are 60 bicycle parking spaces in the basement.
“With this investment, we have acquired our first property in Dublin and even more important, we have secured a top office building with long-term rental income for our investors thanks to the very long lease,” said Daniel Hohls-Larsson, Head of Transaction International and project manager at REInvest.
Christophe Kuhbier, Managing Director, Henderson Park, commented: “The sale of this prime office building to REInvest, its first investment in the Irish property market, underscores international real estate investors’ continued conviction in the ability of prime Dublin office assets to deliver long term investor returns. Consistent with our business plan, the sale of 5 Harcourt Road enables us to further accelerate investment into our Irish development pipeline, supported by our belief in the highly favourable long-term fundamentals underpinning Dublin’s real estate sector, and the city’s continued position as an international centre of business.”