Ardstone links up with CBRE GMM for Dublin purchase

Private investment manager Ardstone Capital has acquired Fleming Court in Dublin on behalf of its Ardstone Value Partners Fund for just less than €10 mln.

The company has entered into a second joint venture with CBRE Global Multi Manager to complete the equity raise for its Irish investment strategy and purchase the 29,800 sq ft (6,300 m2) multi-let office building.

Built in 2002, the property is let to six tenants including Beachcroft Solicitors, Kennelly Tax Advisors and St James Place Capital.

The off-market deal was agreed and completed before the asset was due to come to market and is the third acquisition that Ardstone has made in Dublin since March 2013.

The Ardstone fund is targeting office, retail and industrial assets, primarily in Dublin, which offer value-add returns to institutional clients of CBRE GMM.

Donal O’Neill of Ardstone commented: 'This asset is located in a highly sought-after market, which has seen significant investment and letting activity recently. Fleming Court is very well rented at current market rents and gives our fund a 7% annual income return.'

CBRE acted for the vendor.