Mapletree Investments has entered into a forward purchase agreement to acquire an eight-storey office building comprising approximately 210,000ft² of net internal area, known as The Sorting Office. This will be Mapletree’s first office acquisition in the Irish capital and is consistent with the Group’s strategy of diversifying earnings in scalable and developed markets. The vendor is Marlet Property Group. The purchase price was not disclosed.
Situated on a site area of approximately 60,278ft², the property boasts large and regular floor plates with a flexible design allowing for vertical and horizontal divisions. Additionally, it also offers 318 bicycle parking and 24 underground car park lots. Other attractive features of the property include its sustainable qualities reflected in its LEED platinum rating and Building Energy Rating of A3.
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. The area is recognised as a thriving business district, attracting a diverse mix of tenants in the technology, financial, legal and professional services sector. The complex enjoys close proximity to the Busáras Central Station, Spencer Dock LUAS Station and Pearse Street Dublin Area Rapid Transit station.
Michael Smith, Regional Chief Executive Officer for Europe and USA said: “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+ft² 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.”
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.”