The property investment arm of Singapore’s state investment fund has acquired its first office building in Dublin, Ireland.
Mapletree Investments said it has entered into a forward purchase agreement to acquire the Sorting Office, a 210,000sqft eight-storey building, from Irish property developer Marlet Property Group for an undisclosed sum.
Michael Smith, Mapletree Investments regional CEO, Europe and US said: “We are excited about this opportunity as we have been exploring the Dublin office market for a few years, attracted by the robust tenant demand that has been driven by the city’s strong focus on information and communication technology.”
Mapletree owns and manages S$55.7bn (€36.1bn) of office, retail, logistics, industrial, residential and lodging properties, located across 12 economies globally.
To date, the group has invested around S$2.3bn in four offices and one business park in the UK as well as a suburban office building in Munich, Germany. Mapletree has also recently added an office building in Warsaw, Poland to its portfolio.
Mapletree said it will continue to build its portfolio of European Grade A office properties, in “highly liquid, developed markets with attractive yield spreads and anchored by strong economic and property fundamentals”.