Triuva, the German investor owned by Patrizia, has acquired a newly built, fully-leased office building in central Dublin from the joint venture vendor Ballymore/Oxley.
Financial details were not disclosed. The deal was first tipped in PropertyEU's sister publication, EuroProperty, in December.
The transaction was carried out on behalf of a separate account mandate from a German pension fund. According to Patrizia, the acquisition of No.1 Dublin Landings underlines the fund's strategy to invest in core assets in Europe’s major cities, and follows a number of Irish acquisitions over the last two years. These include The Oval office building in Dublin and two separate build-to-rent residential schemes in and around the Irish capital.
'This property’s outstanding construction quality makes No.1 Dublin Landings a premium investment in the Dublin office market for our client. Dublin offers an attractive risk-reward profile in a European context,' said Manuel DeVigili, head of investment management at Triuva.
The National Treasury Management Agency will fully occupy the building on a long-term lease. Located on the Northwall Quays overlooking the River Liffey, the building has achieved LEED Platinum certification from the US Green Building Council for its sustainable design, construction and operations.
No 1 Dublin Landings will form part of the wider Dublin Landings development scheme, scheduled for completion by the end of 2019. Upon completion the scheme will provide some 60,000 m2 of offices, 270 apartments, a boutique hotel and landscaped gardens.
