Henderson Park has marked its entry into the Irish market with the acquisition of the mixed-use Heuston South Quarter (HSQ) asset.
The pan-European private equity real estate investor said it has acquired HSQ in Dublin city centre from an affiliate of New York-based Marathon Asset Management.
Financial details were undisclosed.
The asset comprises 266 residential apartments for rent, as well as office and retail space, in addition to a 3.63-acre development site with zoning.
Completed between 2005 and 2008, HSQ is an urban campus made up of six distinct multi-storey buildings. The bulk of the scheme, totalling 247,890sqft, offers a mix of one, two and three-bedroom apartments and duplexes.
The asset also comprises the Brunel Building, a 78,800sqft office building.
The complex also includes retail and own door office space extending to 75,500sqft across four blocks.
Henderson Park said the investment includes a large development site which presents the opportunity to complete the campus by creating additional residential, office and retail space.
Nick Weber, founding partner of Henderson Park, said HSQ provides the company with immediate and meaningful exposure to the Irish real estate market ”through a high-quality campus in a well-connected and desirable” Dublin location.
“HSQ is well placed to benefit from Dublin’s growing position as an attractive destination for global companies’ European HQs and its continued shortage of housing supply.
“The portfolio is underpinned by strong income-producing characteristics, while also offering compelling long-term prospects to increase the rental intake, both through the currently under-rented units and the significant on-site development potential.”