Munich-based investment manager Catella Real Estate has acquired an office property in the Irish capital Dublin for its Sarasin Sustainable Properties – European Cities fund.
The building, which is fully occupied and comprises around 4,100 m2, is leased to investment bank JP Morgan. The transaction volume was not disclosed.
'The Irish market for office property has regained its strength after the financial crisis. We have taken advantage of Ireland's current economic prosperity by acquiring a modern, long-term leased office property for our investors,' commented Henrik Fillibeck, member of the managing board of Catella Real Estate. 'It meets the sustainability criteria specified for the fund, and the acquisition will ensure broader diversification of the portfolio.'
The property, called One George’s Dock, was built in 1996 and stands on a 1,000 m2 plot of land in the centre of Dublin.
'After years of economic difficulties, the recovery of the Irish economy is in full swing. In 2015 alone, Ireland's GDP rose by 26.3%. Economic experts expect the Irish economy to remain on a growth path, forecasting another 3.8% increase in GDP for 2017. Also, Ireland's population is expected to grow by 7.6% by 2026,' said Thomas Beyerle, head of group research at Catella.
The Sarasin Sustainable Properties – European Cities fund is a venture between Catella and Bank J. Safra Sarasin. The fund, which invests at least 75% of its capital in sustainable commercial property, focusing on office and retail, targets institutional investors in Switzerland, Austria and Germany.
