Private equity investor Henderson Park has sold an office ensemble in Dublin city centre to German real estate fund manager KanAm Grund, as tipped by PropertyEU in May.
30-33 Molesworth Street comprises 5,300 m2 in two redeveloped and refurbished buildings along with two Georgian buildings, located in the heart of Dublin’s traditional CBD. 30-33 Molesworth Street is let to Maples Group and Savills, along with a number of other Irish and international companies. Number 32 carries LEED Gold certification for its sustainable design.
The parties agreed not to disclose the purchase price.
The deal is the second disposal in the Irish capital to be announced by Henderson Park in the space of a few weeks. Last month, the firm sold 2 Burlington Road in Dublin's embassy quarter to German investment management firm KGAL for €94 mln. PropertyEU sources said that deal represented a yield of 4.3%. Both disposals are from the former Green REIT portfolio acquired by Henderson Park in November 2019.
Henderson Park said proceeds from the sales will be used to finance the company's Irish development pipeline.
'30 to 33 Molesworth Street is the second asset sale from our Capital Collection and we are pleased to conclude this sale with an international real estate investor of the standing of KanAm Grund Group,' commented CEO and founding partner Nick Weber.
'Their investment again underscores international confidence in the Irish commercial property market and in Ireland’s long-term economic prospects. Ireland remains a key investment market for Henderson Park and we now have a proven and experienced team and a permanent operating presence in Dublin.
'We expect to generate further liquidity from the remaining assets within the Capital Collection and to use proceeds to invest in our Irish development pipeline.'
