Luxembourg property asset manager REInvest Asset Management has bought a property in Dublin for the first time in the company’s history.
The office building, 5 Harcourt Road, was bought for €65m from Henderson Park, a private equity property manager based in London.
5 Harcourt Road is fully let on a long-term basis to WeWork, which provides co-working and serviced office space.
Completed in 2018 and certified with the LEED Gold real estate sustainability accreditation, 5 Harcourt Road is situated in the developing urban core where Rathmines and the South Circular Road meet Dublin city centre.
In addition to the ground floor and the six upper floors, including a large roof terrace, the office property comprises a total of around 4,700 square metres of lettable space.
As well as 14 underground parking spaces, there are also 60 bicycle parking spaces in the basement.
“With this investment, we have acquired our first property in Dublin and even more important, we have secured a top office building with long-term rental income for our investors thanks to the very long lease,” Daniel Hohls-Larsson, Head of Transaction International and project manager at REInvest, said.
Christophe Kuhbier, Managing Director, Henderson Park, said today’s deal underscores international real estate investors’ continued conviction in the ability of prime Dublin office assets to deliver long term investor returns.
“Consistent with our business plan, the sale of 5 Harcourt Road enables us to further accelerate investment into our Irish development pipeline, supported by our belief in the highly favourable long term fundamentals underpinning Dublin’s real estate sector, and the city’s continued position as an international centre of business,” he added.