Corum acquired George’s Quay House on Townsend St, Dublin 2 for over €80m at a yield of about 6.25% and the F1 Building in Cherrywood, Dublin 18 for about €30m, equating to a yield of about 6.15%.
With the two deals included Corum now owns 21 properties which it has purchased since 2016 and the value of its Irish portfolio is now worth about €575m.
Henderson Park Capital sold the George’s Quay House building which extends to c. 9,750m2 and is part of the George’s Quay development. Tenants in the property include Fidelity and CIB. It had been part of the Capital Collection of office investments which Henderson had offered to the market as a portfolio for which CBRE and Eastdil had guided over €400m. It is understood that the others are no longer being formally marketed.
Henderson acquired its George’s Quay property when it bought Green Reit. While it has since sold some Green assets, it has also invested in development at Horizon Logistics Park and the Central Park office campus in Leopardstown.
The F1 Cherrywood office building extends to c. 6,245m2 gross floor area and is let to Elavon and has Leed Gold environmental standards. In 2019 it was reported that Elavon had agreed on an annual rent in the region of €2,215,000 on a 15-year lease term. That vendor is Spear Street Capital.
