German fund manager Real IS has debuted in the Irish market by acquiring a fully leased office building in central Dublin for €59 mln.
German fund manager Real IS has debuted in the Irish market by acquiring a fully leased office building in central Dublin for €59 mln.
The investment volume for Beaux Lane House reflects a net initial yield of 5.5%.
Beaux Lane House is 9,770 m2 office property on Lower Mercer Road, located at the rear of the St Stephen's Green shopping centre in central Dublin.
Real IS paid about €2 mln above the initial indication price of €57 mln. The final sum reflects a capital value of €6,035 per m2, allowing €30,000 for each of the 45 car parking spaces, the Irish Times newspaper reported. The newspaper added that the 13-year-old office building was reputedly developed by RCSI for around €25 mln.
The property was sold by the Royal College of Surgeons in Ireland (RCSI) which will use the proceeds of the sale to help fund the development of €80 mln property to house a new School of Pharmacy in Dublin.
Accountancy firm BDO leases about 60% of the building on a 20-year lease from 2002. The other tenants Legal and General, Michael Page, Riot Games and Hartley & Marks.
DTZ Sherry FitzGerald advised RCSI and Knight Frank acted for Real IS.
