German property fund manager Real IS has acquired a new office and retail scheme in the southern Irish city of Cork for €45.6 mln.
The Capitol is a five-storey building located in the central business district of Cork, the second-largest city in the Republic of Ireland.
Real IS began investing in Dublin on behalf of its closed-end institutional funds in 2015. The Munich-based firm was acting on behalf of an unidentified German pension fund in its first Irish deal outside of the Irish capital.
'The purchase of the property enables our investors to benefit from the sustained economic recovery of the Irish market and is well suited to the investment strategy of the individual fund whose portfolio is set to diversify further,' said Real IS board member Jochen Schenk.
The vendor was Cork-based developer JCD.
The property at 14-23 Grand Parade was delivered this year and comprises 4,290 m2 of office space, 3,770 m2 of retail and 430 m2 of restaurant and bar space. Over 80% of the building has already been let on long-term leases.
The tenants include TJX Ireland, which has rented retail space in the property for HomeSense, its home accessories store division, the sports equipment specialist Lifestyle, which has also rented retail space, and the Internet company Facebook, which has taken up office space in The Capitol.
The seller has provided a rental guarantee for the floor space still to be let.
