M7 Real Estate, the pan-European investor and asset manager, has acquired a mixed-use office and residential development in Dublin for an undisclosed sum.
The transaction, which comprises four buildings totalling 7,778 m2 and a 2,000 m2 site with development potential in the city centre, represents M7’s first acquisition in the Republic of Ireland, meaning that the company now has assets under management across 12 European countries.
'This acquisition represents our first entry into the Republic of Ireland, an area that we are increasingly interested in due to the strong growth opportunities and fundamentals that underscore the local market,' commented John Murnaghan Head of UK Real Estate at M7.
'The asset provides a compelling opportunity for a sustainable income stream, through its location in a sought after area of Dublin that is experiencing robust rental growth and its strong tenant mix, combined with the potential to drive value through asset management. In the near term, we expect to add further Irish assets to our portfolio to complement this purchase,' Murnaghan added.
The purchase was made on behalf of M7 European Real Estate Investment Partners IV (M7 EREIP IV).
The four properties in the Fumbally Lane development include Fumbally Square, a 2,338 m2 purpose-built office block across five floors, as well as three refurbished period buildings, Fumbally Studio, Mews and Court, with a total of 1,478 m2 of office accommodation. The buildings have a combined occupancy of 83%.
The asset also includes four fully let two-bedroom apartments, as well as a 2,000 m2 site to the rear that has previously held planning permission for residential development.
