Green REIT has announced it is buying an office scheme in central Cork for approximately €55m.
The listed property company said its acquisition of the grade-A One Albert Quay scheme was Cork’s first major city centre office development for more than a decade.
While the Dublin office market has attracted significant interest from international investors, few have ventured outside the Irish capital.
Pat Gunne, chief executive, said the deal offered an attractive yield premium over Dublin, with the Cork office rental market at an earlier stage in the recovery cycle.
The 166,000 sq ft scheme, developed by the JCD Group, is due for completion early next year.
The estimated annual rent is €3.6m-4.1m, depending on occupancy.
The company said pre-lets had been signed for half the building, with fire safety company Tyco and PWC taking 89,000 sq ft and paying €2.1m a year.