Real IS confirms Dublin office deal

The 5,668 m2 office scheme was sold by Irish private investment manager Ardstone Capital and CBRE Global Investment Partners (GIP) in an off-market deal destined for Real IS' BGV II Europa fund.

The reported price of the asset, which changed hands in 2014 for €37.86 mln, represents a net initial yield of 5.25% for the buyer.

'With this prime property situated in one of Dublin's most important office locations, we have made a very good investment for BGV VII Europa,' commented Georg Jewgrafow, CEO of Real IS. 'The building was not only brought in line with cutting-edge technical standards by the recently completed extensive refurbishment but was further enhanced considerably through an attractive, bright reception area.' 

Tenants in the property include KPMG, which has just signed a new lease starting in 2017, as well as Wells Fargo, Kleinwort Benson, Bank of Montreal, Aspen Reinsurance and United Health Group.

The asset was extensively refurbished by Ardstone and CBRE GIP, including an overhaul of the entrance area, creating a new reception, as well as a new roof and exterior work.

The purchase represents BGV VII Europa's second real estate investment, following a deal in Brussels.

BGV VII Europa's strategy focuses on core and core plus investments, complemented by properties with a manage-to-core strategy. Investments are concentrated exclusively on euro countries, particularly Germany and France, supplemented by the Benelux countries, Spain and Ireland. The aim is to develop a diversified real estate portfolio established on a broad basis in respect of country- and sector-related allocation.

Ardstone is understood to be preparing to market another Dublin office asset at East Point Business Park in the city's docklands district which will be priced at around €12.5 mln.

JLL advised Ardstone and Cushman & Wakefield advised Real IS.