Union Investment has acquired a €190m Irish office asset for its open-ended real estate fund UniImmo Europa.
The Hamburg-based real estate investment manager said it has acquired the fully-let 5 Hanover Quay office property in Dublin’s South Docklands district from developer TIO South Docks Fund. The property was built in 2018.
The latest acquisition is the UniImmo Europa fund’s third office property in Dublin.
Following the acquisition of 5 Hanover Quay, Union Investment now holds five commercial properties in Dublin worth over €620m in total.
Martin Schellein, head of investment management Europe at Union Investment Real Estate, said: “The Docklands area of Dublin is one of the most dynamic office markets in Europe at the moment.
“The existing tenants, DocuSign International and Aptiv Global Operations, are both well-established, successful businesses, which lends added investment security.”