Union Investment has acquired blocks A and B of the Parkgate Business Centre in Dublin from real estate funds managed by Blackstone. The business centre comprises four separate office units. The acquired buildings A and B are fully let to Transport Infrastructure Ireland (TII), a state-owned enterprise responsible for sustainable transport infrastructure and services. The acquisition is being made on behalf of open-ended special real estate fund DIFA-Fonds Nr. 3. The purchase price was not disclosed.
Built in 1999, the office complex covers some 3,900m². The office space extends from the ground floor up to the 3rd floor. There is a communal underground car park in the basement of the building that is used by the office tenants of all the blocks and the tenants of the neighbouring apartments.
Parkgate Business Centre benefits from excellent transport links. It is within walking distance of Heuston Station, one of Dublin’s busiest commuter stations after Connolly Station. The nearest tram stop is also located at Heuston Station, making it possible to reach the Docklands district in around 15 minutes. The airport is approximately 20 minutes away by car.
“This attractive downtown location is expected to improve even further in the coming years thanks to planned development projects in the area. In particular, the construction of more than 300 apartments and around 3,700m² of offices and retail space on the adjacent site by Irish developer Chartered Land will have a positive impact on the location. In addition to good transport connections, the building also benefits from its proximity to Phoenix Park, the largest enclosed city park in Europe,” said Wolfgang Kessler, a member of the management team at Union Investment Institutional Property GmbH.
