French investor Amundi has exchanged on the acquisition of the newly developed Fitzwilliam 28 office block fully let to Slack Technologies in a deal worth over €170 mln.
Located in the central business district in Dublin 2, the building was brought to market last January by owner the ESB through joint agents Savills and Bannon at a guide price of €168 mln.
The 12,600 m2 property is let in its entirety to Slack Technologies with a rent of €7.7 mln a year. The global tech giant is moving out of its current property on Hatch Street and into Fitzwilliam 28, which will act as their new EMEA headquarters.
ESB, Ireland’s largest utilities company, developed the asset alongside its own headquarters at Fitzwilliam 27.
On completion, the acquisition will represent Amundi Real Estate’s first deal in the Irish market in a bid to expand the presence of their flagship fund in key European jurisdictions.
Knight Frank advised Amundi Real Estate.
Ronan Sheehy ESB head of Property and Security commented: ‘We are delighted to confirm the exchange of Fitzwilliam 28 with Amundi Real Estate. This flagship development by ESB has been built with the highest standards of sustainability in mind. A tireless amount of work has gone into ensuring the delivery of what we believe is the finest office development to complete in recent times, and we look forward to completing this deal with Amundi Real Estate in the coming weeks.’
Fergus O’Farrell, director of Investments at Savills, added: ‘The quality of the asset was reflected in the strong demand for the investment. This investment by Amundi Real Estate is further endorsement of Dublin as location for international investment.’
Jean-Marc Coly, Chief Executive Officer of Amundi Real Estate, said: ‘We are initiating our exposure in Ireland with this first acquisition in Dublin of a new building built to the best environmental standards in a central location within a dynamic ecosystem of occupiers operating in the digital economy. It is in line with our European diversification strategy and demonstrates our commitment to the environment while meeting our ESG criteria.’
