Insurer Mapfre and real estate fund manager Manova Partners have acquired a fully let office building in Dublin on behalf of their latest European core office property fund.
The pair have invested an unspecified amount to acquire One Haddington Buildings asset in the Irish capital for the Stable Income European Real Estate Fund 2 (SIEREF 2).
The four-storey building, located on Haddington Road, was constructed in 1995 and refurbished in 2022.
Christian Göbel, co-CEO at Manova Partners, said: “With One Haddington Buildings, we are acquiring a future-proofed and ESG-compliant office property in one of Dublin’s most established office locations.
“The property impresses with its high-quality tenancy and attractive yield. With this acquisition we continue our current anticyclical investment strategy to expand our office portfolio in prime locations.”
Laetitia Treves, head of transactions for Europe at Manova Partners, said: “We believe now is an opportune moment in the cycle to invest in the Dublin office market, which has significantly re-priced with growing momentum in the leasing market.
“One Haddington Buildings is a quality, grade-A office in a vibrant location in Dublin providing attractive yield profile compared to other European cities.”
Carlos Díaz Gridilla, real estate managing director at Mapfre, said: “An acquisition like One Haddington Buildings fits perfectly into Mapfre’s real estate strategy, which prioritises investment in high-quality office buildings in prime locations that can provide a stable source of income over the long term.
“Our investment strategy in alternative assets has proven successful in recent years, and we will continue to explore this avenue in partnership with our top-tier partners.”
SIEREF 2 invests Spanish institutional capital in European core office properties outside Spain.
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