German fund manager KGAL Investment Management has invested €94m to buy a 86,000sqft office property in Ireland from Henderson Park.
KGAL said it has bought the fully-leased 2 Burlington Road asset in Dublin for a pan-European real estate special AIF.
The building formed part of Henderson Park’s acquisition of Green REIT in November 2019.
Henderson Park said the disposal proceeds will be used to finance investment in Henderson Park’s Irish development pipeline.
Nick Weber, founding partner and CEO, Henderson Park, said: “The sale of Burlington Road is consistent with our intended business plan and enables us to accelerate investment into our Irish development pipeline.
“Despite the challenges presented by COVID-19, this asset attracted significant interest from major international real estate investors, highlighting their confidence in both the Irish commercial property market and Ireland’s economy over the long-term.”
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