Luxembourg real estate asset manager, REInvest, has bought 5 Harcourt Road for €65 mln for a Europe fund whose main investor is a major German insurance company.
The firm said it was the first time in its history it had invested in Dublin.
5 Harcourt is a prime LEED Gold office property fully let to WeWork on a long fixed-term lease that was completed in 2018.
The ground floor and the six upper floors, including a large roof terrace, comprises a total of around 4,700 m2 of lettable space. In addition to 14 underground parking spaces, there are 60 bicycle parking spaces in the basement.
Daniel Hohls-Larsson, head of international transactions, said: ‘With this investment, we have acquired our first property in Dublin and even more important, we have secured a top office building with long-term rental income for our investors thanks to the very long lease.’
Christophe Kuhbier, MD at Henderson Park, said the sale underscored international real estate investors’ continued conviction in the ability of prime Dublin office assets to deliver long term investor returns.
Google, Microsoft, Facebook, LinkedIn, PayPal and Twitter are among those with European headquarters in the city.
Murphy Mulhall/Blackbird Real Estate and Addleshaw Goddard were advisors on the transaction.
