A fund managed by BCP Asset Management has bought an office complex in the Republic of Ireland from an M7 Real Estate fund.
M7 European Real Estate Investment Partners IV has sold the asset on Fumbally Lane, Dublin 8, to BCP Fund Management DAC for a total of €33.5m.
The five-storey office building comprises 55 underground car parking spaces and a further three period properties, including part of a deactivated distillery, which has been recently converted into office space totalling 83,699sqft.
In addition, the site also includes four residential units totalling 4,000sqft and a 0.4 acre development site.
M7 acquired the asset in December 2016 with a vacancy rate of 17% which is now around 2%.
John Murnaghan, the head of real estate in the UK and Ireland at M7, said: “The sale of our Fumbally Lane asset ahead of the anticipated exit time frame in our business plan demonstrates the strong occupational demand in the Dublin office market plus the success of our leasing strategy, which has focussed on providing a quality product with an engaged occupier approach.
“We have no doubt that the asset will go from strength to strength under BCP’s ownership.”
Nick Cullen, the investment director at BCP, said: “We are delighted to acquire the Fumbally Lane office complex from M7 in an off-market transaction. At nearly full occupancy Fumbally Lane has proven itself as a convenient and affordable City Centre Fringe location for media, technology, and creative tenants.
“The emergence of the immediate area as a mixed-use hub and the wider regeneration of Dublin 8 will serve to increase the attractiveness of this location to occupiers in the coming years.”