French asset manager Corum has expanded its Irish portfolio with the acquisition of two office buildings for a total of €110 mln.
George’s Quay House on Townsend St, Dublin 2 was purchased from London-based investment fund Henderson Park Capital for over €80 mln, reflecting a yield of about 6.25%.
The 9,755 m2 building is part of the George’s Quay development in the heart of Dublin’s south city centre, near retail and leisure opportunities with excellent transport links.
Tenants include multinational finances services company Fidelity and the Citizens Information Board.
Henderson acquired the George’s Quay development as part of its €1.34 bn buyout of Green Reit in 2019.
Corum also acquired the F1 Building in Cherrywood, Dublin 18 for around €30 mln, reflecting a 6.15% yield, from real estate investor Spear Street Capital which originally purchased it as part of a wider off-market deal with Hines.
The 6,244 m2 LEED Gold certified office property is currently leased to payment solutions provider Elavon.
With the latest acquisitions, Corum’s Irish portfolio now counts 21 properties with a market value of €575 mln.
