An American conglomerate advised by Savills has acquired the Dublin offices of commercial software producer SAP for a net initial yield of 11.1%.
An American conglomerate advised by Savills has acquired the Dublin offices of commercial software producer SAP for a net initial yield of 11.1%.
The buyer - an affiliate of The InterTech Group based in North Charleston, South Carolina - paid €14.15 mln for the office buildings at 1012-1014 Citywest Business Campus.
Property adviser Savills said the deal represents the largest office investment transaction outside of Dublin City Centre during the last 12 months.
Located close to the N7 dual carriageway and the Luas light railway line, the offices were built in 2000 and extensively refurbished in 2010. The premises comprise 6,972 m2 of space across two floors, as well as 280 car parking spaces. The property is fully let to SAP, producing an annual rent of €1.6 mln.
Jacqueline Fitzpatrick, associate director at Savills' Dublin office, said: 'The acquisition of the SAP buildings is evidence that core international investors are increasingly turning their attention to Ireland and particularly Dublin for opportunities. This provides The InterTech Group, Inc. with a very attractive yield from an extremely strong covenant in a modern building that risk-adjusted would be difficult to find across the US and Europe.'
