Deka Immobilien has acquired an office building in Dublin for a headline price of €153m to add to the starting portfolio of its new open-ended real estate fund Deka-ImmobilienMetropolen. The vendor is Hanover Quay Property Development Company Ltd. a subsidiary of Park Developments Group. The Reflector building, which was completed in April 2019, offers around 11,500m² of flexibly divisible space and 34 parking spaces. It is fully leased to four tenants under long-term leases, with Airbnb being the main tenant.
The property is located in the Dublin Docklands near the Grand Canal Dock. This location has become the most popular office area for tenants looking for large spaces in the past 15 years. The property has received Leadership in Energy and Environmental Design (LEED) Gold certification.
Deka Immobilien acquired the first property for Deka-ImmobilienMetropolen, which began distribution on 2 January 2020, at the end of December. The new fund is aimed exclusively at retail investors and will make currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. The target investment markets are chosen using a city selection model based on the long-term drivers of growth – globalisation, urbanisation, ecology and new working environments.