European private equity investor Henderson Park has purchased a mixed-use property in Dublin city centre from an affiliate of US-based firm, Marathon Asset Management.
Financial details were not disclosed.
The ‘urban campus’ named Heuston South Quarter comprises 266 residential apartments for rent, as well as office and retail space, across more than 75,000 m2.
It also contains the Brunel Building office, of around 24,000 m2 over 12 stories, which is occupied by Irish public sector bodies, the Child & Family Agency and the Health Service Executive (‘HSE’).
The retail element is anchored by national supermarket, SuperValu – part of Ireland's largest grocery and food distributor - which occupies more than 6,000 m2 on the ground floor of the complex.
Welcoming the transaction, Nick Weber, founding partner of Henderson Park, said: ‘HSQ provides us with an immediate and meaningful exposure to the Irish real estate market through a high-quality campus in a well-connected and desirable Dublin location. HSQ is well placed to benefit from Dublin’s growing position as an attractive destination for global companies’ European HQs and its continued shortage of housing supply.
‘The portfolio is underpinned by strong income producing characteristics, while also offering compelling long-term prospects to increase the rental intake, both through the currently under-rented units and the significant on-site development potential.’
