Union Investment confirms €230m Facebook office deal in Dublin

Hamburg-based Union Investment Real Estate has confirmed the €230 mln acquisition of an office complex in Dublin rented by social media network Facebook as its EMEA headquarters.

The acquisition of the two-building complex at 4 + 5 Grand Canal Square in Dublin Docklands was initially reported by media sources back in February.

'We are delighted that our Europe fund is now exposed to Ireland with the acquisition of what are currently the most prestigious office buildings in Dublin's Docklands,' said Philip La Pierre, head of investment management Europe at Union Investment Real Estate. 'Ireland's economic recovery is evident in the steady growth in rents, which looks set to continue over the next few years. The favourable euro/dollar exchange rate should provide a further boost to Ireland's export-focused economy.'

The vendor is Irish project developer Chartered Land in conjunction with Irish bad bank, the National Asset Management Agency (Nama). The properties will join the portfolio of open-ended real estate fund Unilmmo: Europa.

Providing 23,300 m2, the complex is fully let with an average remaining term of more than 10 years. Designed by architect Daniel Libeskind and completed in 2009, the office complex has a BREEAM sustainability rating of 'Excellent'.

The complex includes 147 parking spaces and is situated in the heart of Dublin’s South Docklands, one of the Irish capital’s prime office addresses. In recent years, South Docklands has become a sought-after location for large companies, as well as a vibrant district with hotels, restaurants and cultural venues such as the Bord Gáis Energy Theatre.

Union Investment recently secured a 50% stake in the Watermark Place office building in London for the Unilmmo: Europa from Oxford Properties, the property arm of Canadian pension fund OMERS.