KanAm Grund REAM has acquired a €106m office building in Ireland on behalf of two South Korean institutions.

KanAm Grund REAM said it bought No.2 Dublin Landings building on behalf of Hana Financial Investment and JR AMC.

The eight-storey building is leased for 20 years to flexible workspace group WeWork.

No.2 Dublin Landings is situated in the North Docklands of Dublin which is currently being completely regenerated to become Dublin’s financial and technology location.

In April, real estate fund manager Triuva acquired No.1 Dublin Landings for an undisclosed sum on behalf of a German pension fund.

KanAm Grund REAM said this acquisition increases the international portfolio of Korean institutional investors managed jointly by KanAm Grund REAM and its partner GENII to more than €1.1bn. It also represents the first deal concluded by KanAm Grund REAM in Ireland.