Munich-based family office AM Alpha has acquired a newly-developed, partially-let prime office building in Dublin's south docklands from developer Targeted Investment Opportunities (TIO).
Financial details were not disclosed, but the Irish Times reports a price in excess of €95 mln for the waterfront asset at 76 Sir John Rogerson’s Quay.
The property is an eight story modern office building covering some 92,600 ft2 (8.600 ft2). Its sustainability credentials include Leed Gold Certification and BER A3. Block A is partially let to Rabobank which occupies three of the eight floors, in addition to Algebris Investments, which occupies part of the ground floor.
Developer TIO is a venture involving Nama, Oaktree Capital and Bennett Construction.
Martin Lemke, managing director at AM alpha, commented: 'We are very delighted to have completed the acquisition of 76 Sir John Rogerson’s Quay, a magnificent Grade A office building with undisturbed river-fronting panoramic views.
'The newly developed mixed-used office & residential block provides one of the last waterfront opportunities in the south docklands.
'Due to the prominent location, the quality of the building and the strong fundamentals of the Dublin office market, we are confident in the ability to attract the best tenants for this project very soon.
'This latest acquisition is strongly aligned to our value-add investment strategy and we will remain focused on growing our portfolio further across Europe as well as in the Asia-Pacific Region.'
AM Alpha has a history in the Irish office property market, having previously owned Riverside II which was sold in 2013 to IPUT. More recently, the firm also acquired Northside Shopping Centre in Dublin’s Northern Suburbs.
Fergus O’Farrell of Savills commented: 'We are delighted to have represented AM alpha on this acquisition. 76 Sir John Rogerson’s Quay represents an excellent office investment with strong ESG credentials, situated in a prime Docklands location.
'The building will undoubtedly appeal to various future occupiers given its modern qualities and we are confident of securing further strong tenants to enhance the asset’s attractive income profile.'
Eastdil Secured advised TIO.
