IPUT has acquired a €115m office tower in Dublin from Ballymore International Developments and Oxley Holdings.

IPUT said the 3 Dublin Landings office building on Dublin’s North Quays will provide 120,000sqft of space set over five storeys, lower ground floor and basement, including 33 car parking spaces and 154 bicycles spaces.

Following the transaction, IPUT’s Dublin office portfolio will be 2.1m sqft with an additional 240,000 sq ft (22,300 sq m) currently under construction, including the Wilton Park and Tropical Fruit Warehouse city centre developments.

Niall Gaffney, IPUT CEO, said: “In line with our ambition to own the best office buildings in Dublin, 3 Dublin Landings is an excellent addition to our estate and supports the ongoing modernisation of our extensive office portfolio.

“Occupier appetite, particularly for Grade A offices, remains buoyant in Dublin and we are confident that we will be able to leverage our tenant relationships to maximise its leasing potential, while also delivering enhanced returns for our shareholders.”