Singapore-based Mapletree Investments has acquired an office property in Dublin from Marlet Property Group, an Irish property developer, represents Mapletree’s first office acquisition in the Irish capital.
The eight-storey office building, known as The Sorting Office, comprises approximately 210,000 square feet (“sq ft”) of net internal area.
“We are excited about this opportunity as we have been exploring the Dublin office market for a few years, attracted by the robust tenant demand that has been driven by the city’s strong focus on information and communication technology. As such, we truly believe in this market and are confident that The Sorting Office will be well sought after – particularly as it is the only 150,000+ sq ft office building to be completed in the South Docklands area in the coming year. It is therefore no surprise that strong pre-let enquires have and will continue to be generated,” said Mr Michael Smith, Regional Chief Executive Officer (“CEO”), Europe and USA.
Strategically located in the heart of Dublin’s Silicon Docklands, the South Docks of the Docklands Strategic Development Zone, the property is due for practical completion in November 2019.
Mr Pat Crean, CEO of Marlet commented, “The Sorting Office is an outstanding development in the heart of Dublin’s South Docklands and represents the very best of Irish design and construction. We are delighted that The Sorting Office will be Mapletree’s first investment in Ireland, further enhancing their growing portfolio in Europe. We look forward to other transactions and cooperations in the near future.”
To date, Mapletree has invested approximately S$2.3 billion in four offices and one business park in the United Kingdom as well as a suburban office building in Munich, Germany. The Group has also recently added an office building in Warsaw, Poland to its portfolio in May 2019.