Royal London AM puts €118m Irish portfolio on the block

Property advisor CBRE is marketing a €118 mln portfolio of prime retail and suburban office buildings in Dublin and Cork.

The sale, on behalf of Royal London Asset Management (RLAM), includes eight retail assets on Grafton Street, Henry Street, Dawson Street, O’Connell Street, all Dublin, and Patrick Street in Cork.

In addition five office buildings on Merrion Row, Dublin 2; Blanchardstown Corporate Park; Liffey Valley Office Park; Ballast House and Eastgate Business Park, Cork have been put on the market.

The portfolio produces a total rent roll of €7.4 mln a year and provides investors with an opportunity to exploit asset management potential in Ireland's strongly recovering office market, CBRE said.

With a total area of 26,488 m2, the package is being sold as a block, although investors will also be able to bid for the retail and office portfolio separately. Retail assets represent approximately 61% of the portfolio, with the offices accounting for the remaining 39%.

'We are anticipating keen interest in this portfolio. The retail market, at least at the prime end, is now where the office market was in the recovery cycle at the beginning of 2013. This portfolio offers a unique opportunity to benefit from this recovery, as well as a strongly performing office sector,' the broker said.