IPUT plc, a leading investor in prime real estate in Dublin’s central business district, announces that it has completed the acquisition of a 70.8% interest in Riverside One, Sir John Rogerson’s Quay, Dublin 2 for €80.5 mln.
Riverside One is one of finest prime office buildings in Dublin and is consistent with IPUT’s objective to invest in prime real estate in Dublin’s central business district. Following the acquisition, IPUT’s portfolio of assets will increase to a value of approximately €1.6 bln of which 65% is invested in prime office space and 92% located in central Dublin.
The 110,000 ft² (approx. 10,200 m²) building is let in its entirety to the partners of law firm, McCann FitzGerald with 16.5 years unexpired on the lease and no tenant break options. The office rent is subject to an upwards-only rent review in October 2016.
Riverside One
Designed by Scott Tallon Walker and built by John Sisk & Sons in 2006, Riverside One is one of the finest office buildings in Dublin with a unique setting on the River Liffey facing the Dublin Convention Centre.
It is located adjacent to IPUT-owned office buildings at Riverside Two and 33/34 Sir John Rogerson’s Quay. Riverside One is finished to a very high specification including a full height central atrium over seven floors.
Niall Gaffney, Chief Executive of IPUT plc, commented: “Riverside One is an exceptional office building. Its location, design, lease terms and tenant are consistent with IPUT’s core investment strategy which is to focus on the best office space available within Dublin’s central business district. We intend to hold an over-weight position in prime Dublin city centre offices as the economy continues its recovery and demand for office accommodation at the upper end of the market strengthens. Riverside One will contribute positively to our portfolio and income profile immediately and for the longer term.”
Source: IPUT plc
