Deka Immobilien has acquired a high-end office building in Dublin's historic centre for c. €37m. The property is in close proximity to Trinity College, Grafton Street, and St Stephen's Green city park. The location also boasts very good public transport connections. The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect and is being sold by an institutional investor.
The property on 40 Molesworth Street was built in 1979 and underwent a high-quality core refurbishment in 2017. It comprises c. 3,100m2 of leasable space and 21 parking places. The property has received Leadership in Energy and Environmental Design (LEED) Gold certification.
The building is fully leased on a long-term basis to two tenants with high credit ratings. The main tenant is the global corporate law firm DLA Piper Ireland Services Ltd, with the property serving as the base for their Irish headquarters.
With this anti-cyclical purchase, the fund management of WestInvest InterSelect has secured a high-quality property in the prime location of Dublin's historic centre at attractive economic terms.
Image source - Pexels.
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