Union Investment has acquired the 5 Hanover Quay office property in Dublin’s fast-growing South Docklands district from TIO South Docks Fund Limited for €190 million.
The property was built in 2018 and offers some 15,000 sq m of rental space. It is fully let to two established technology companies. The lower four floors of the seven-storey new build at 5 Hanover Quay are occupied by DocuSign International. The top three floors are let to Aptiv Global Operations.
Union Investment was advised on the legal aspects of the deal by A&L Goodbody.
The acquisition is being made on behalf of open-ended real estate fund UniImmo: Europa and marks the fund’s third office property in Dublin. In 2015, the two properties at 4 and 5 Grand Canal Square were acquired for the fund. They are used by Facebook as its European headquarters and are likewise located in South Docklands.
”The Docklands area of Dublin is one of the most dynamic office markets in Europe at the moment.”
“The Docklands area of Dublin is one of the most dynamic office markets in Europe at the moment. The existing tenants, DocuSign International and Aptiv Global Operations, are both well-established, successful businesses, which lends added investment security. We also rate the quality of the building as outstanding,” said Martin Schellein, Head of Investment Management Europe at Union Investment Real Estate GmbH.
Following the acquisition of 5 Hanover Quay, Union Investment now holds five commercial properties in Dublin worth over EUR 620 million in total. In June 2019, the Hamburg-based real estate investment manager announced the acquisition of Ballast House for UniInstitutional European Real Estate.
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