Pan-European institutional investor Stoneweg has acquired Liffey Business Campus, a mix of industrial, manufacturing, and office space across 1 million ft2 (93,000 m2) net leasable area, plus 58 acres (23 ha) of development land from BlackRock Real Assets.
Financial details were not disclosed, but the Irish Times suggests a sales figure in the region of €100 mln.
Situated in Leixlip Co Kildare in Ireland, the asset was acquired by BlackRock Real Assets on behalf of its BLK Real Assets in September 2018 for €51 mln.
The vision was to transform the asset from an owner-occupied estate into a multi-tenanted, institutional business campus.
Since then, BlackRock Real Assets has completed an asset management programme including a heavy capex programme, according to the vendor, which has meant over 700,000 ft2 has been let including a lease to a tech company of 340,000 ft2.
The business plan was pursued alongside one of BlackRock Real Assets’ local partners, O’Flynn Group.
Stoneweg, established in 2015, is a real estate investor with headquarters in Geneva and offices in Spain, Italy, Andorra, the US and Ireland. The company’s plans for Liffey Park Business Campus are not known at this point.
BlackRock Real Assets has completed over €300 mln acquisitions in Ireland in the last five years.
Eastdil Secured brokered the sale.
