Henley Bartra, a joint venture between the UK's Henley Investment Management and Irish investment manager Bartra Capital Property Group, has acquired a portfolio of office and data centre assets in Dublin and Cork.
The joint venture, which was formed a year ago betwen the UK private equity giant and the Irish firm, is understood to have paid €125 mln for nearly 500,000 ft2 (46,450 m2) of assets spread over two business parks.
The largest office tranche includes a 369,000 ft2 portfolio in Dublin's Citywest Business Campus, comprising 11 properties, building plots and carparks, acquired from the park's original developer, the Davy Hickey Property Group. Media reports place this portfolio's value at around €100 mln.
The second deal, inked with a private investor, covers a smaller portfolio of assets in Cork Airport Business Park.
Tenants in both business parks are understood to include a broad range of firms from the tech, telecoms and pharmaceutical sectors.
Henley launched the €200 mln joint venture with Bartra in April 2018, executing a seed deal at the time for two office buildings valued at €15 mln. The initial properties included a 38,000 ft2 office in Dublin and a fully-let 44,000 ft2 property in the Citywest Business Campus, the location of the most recent deal.
The JV targets properties across Ireland and seeks to exploit the Dublin market in particular, said Henley's CEO Ian Rickwood on its launch, citing the Irish capital as 'likely to benefit... as the UK prepares for Brexit'.
