French fund buys Airbnb HQ in Dublin for €32m

A French fund managed by BNP Paribas Real Estate Investment Management has paid €32 mln to acquire the European headquarters for Airbnb in Dublin.

The development, located at Hanover Quay in the south Dublin Docklands, is due for completion this month.

Kenneth Rouse, of Dublin-based BNP Paribas Real Estate, who acted for the French fund, told Irish media that it was an important acquisition for his colleagues as it gave them exposure to a new jurisdiction. The fund had been encouraged by the Irish recovery, and particularly the robust employment growth, which was having a positive impact on office take-up.

'Additionally, from a relative value perspective, Dublin remains at an attractive point in the cycle from rental and capital values below their pre-crisis peak, compared to other continental markets,' he said.

Airbnb Ireland, with a guarantee from Airbnb, has agreed a 20-year lease of the two-storey-over-basement waterfront building, which will extend to 3,574 m2. The investment will generate an initial rent of €1.47 mln a year.