New York-based real estate private equity firm Madison International Realty has increased its assets in Dublin with the acquisition of a portfolio of six office buildings from Patron Capital.
Patron said it has sold its interest in the portfolio at Eastpoint Business Park to Madison and its Irish joint venture partner CMP Investment Partners for an undisclosed sum. The fully let portfolio totals 237,000sqft.
The acquisition represents Madison’s third transaction in Dublin and its second in partnership with CMP Investment Partners.
The portfolio was assembled by Patron in a series of five transactions between 2015 and 2017. Patron’s co-investment partner and asset manager on the investment was the Earlsfort Group, which will continue to act as co-investment partner and asset manager for Madison.
Stephen Green, a senior partner of Patron Capital, said: “Having assembled the portfolio and completed our asset management plan, including securing new tenants to reach full occupancy, we are pleased to sell these buildings to Madison in this successful transaction.
“We continue to look at further opportunities in Ireland where we can add value through creativity and proactive asset management.”
Alex Lukesch, Director of Madison, said: “Dublin is an increasingly desirable location for international businesses and Eastpoint Business Park is well positioned to cater to them. Let to established tenants, these are quality assets set in an attractive and well located urban business park.
”CMP and ourselves look forward to working with Earlsfort Group to ensure a continued positive experience for our tenants.”
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