Patron Capital has sold its interest in a portfolio of office properties in Dublin, Republic of Ireland, to Madison International Realty, a New York-based real estate private equity firm specialising in the recapitalisation of real estate assets and portfolios, together with its Irish JV partner CMP Investment Partners Ltd. The acquisition of the portfolio, for an undisclosed sum, represents Madison’s third transaction in Dublin and its second in partnership with CMP Investment Partners.
The portfolio comprises six buildings totalling 237,000ft² located at Eastpoint Business Park, immediately north of Dublin city centre in the Docklands area. They are fully let to high-quality tenants including Oracle and Google. The portfolio was assembled by Patron in a series of five transactions between 2015 and 2017.
Patron’s co-investment partner and asset manager on the investment was the Earlsfort Group, which will continue to act as co-investment partner and asset manager for Madison.
Stephen Green, Senior Partner of Patron Capital, said: “Having assembled the portfolio and completed our asset management plan, including securing new tenants to reach full occupancy, we are pleased to sell these buildings to Madison in this successful transaction. We continue to look at further opportunities in Ireland where we can add value through creativity and proactive asset management.”
Alex Lukesch, Director of Madison, said: “Dublin is an increasingly desirable location for international businesses and Eastpoint Business Park is well positioned to cater to them. Let to established tenants, these are quality assets set in an attractive and well located urban business park. CMP and ourselves look forward to working with Earlsfort Group to ensure a continued positive experience for our tenants.”