M7 Real Estate has completed its first Irish deal through the purchase of a mixed-use Dublin property.
The investor and asset manager invested in the Irish capital for its fourth fund, M7 European Real Estate Investment Partners IV.
The 7,778sqm office and residential development on Fumbally Lane includes four properties.
The buildings, marketed for around €24m, have a combined occupancy of 83%.
Tenants include Infineon Technologies, the Technological Higher Education Association and the Disability Federation of Ireland.
The asset also includes four fully let apartments and a 2,000sqm site with planning permission for residential development.
John Murnaghan, director at M7, said the firm was increasingly interested in Ireland due to strong growth opportunities and fundamentals.
“The asset provides a compelling opportunity for a sustainable income stream, through its location in a sought-after area of Dublin experiencing robust rental growth and its strong tenant mix, combined with the potential to drive value through asset management,” he said.
Murnaghan said he expected to add further Irish assets to M7’s portfolio.