Union Investment enters the Irish market by acquiring an office complex in Dublin (IE)

Union Investment Real Estate GmbH has acquired the 4 + 5 Grand Canal Square office complex in Dublin for around €230 mln. Comprising two buildings with a total area of some 23,300 m², the property is fully let with an average remaining term of more than ten years.
Designed by architect Daniel Libeskind and completed in 2009, the office complex has a BREEAM sustainability rating of “Excellent”. The seller is Irish project developer Chartered Land in conjunction with the National Asset Management Agency (NAMA). The properties will join the portfolio of open-ended real estate fund Unilmmo: Europa, for which Union Investment recently secured a 50% stake in the Watermark Place office building in London.
The 4 + 5 Grand Canal Square complex includes 147 parking spaces and is situated in the heart of Dublin’s South Docklands, one of the Irish capital’s prime office addresses. In recent years, South Docklands has become a sought-after location for large companies, as well as a vibrant district with hotels, restaurants and cultural venues such as the Bord Gáis Energy Theatre.
Philip La Pierre, head of Investment Management Europe says: “We are delighted that our Europe fund is now exposed to Ireland with the acquisition of what are currently the most prestigious office buildings in Dublin's Docklands. Ireland's economic recovery is evident in the steady growth in rents, which looks set to continue over the next few years. The favourable euro/dollar exchange rate should provide a further boost to Ireland's export-focused economy.”
Source: Union Investment