“Dublin has a strong attraction for global IT companies. Google, Facebook and Amazon, they all have their European headquarters in the Irish capital. These companies continue to grow dynamically and are thus driving the office market,” explains André Zücker, Managing Director of KGAL Investment management and responsible for the real estate asset class, the attractiveness of the transaction. “Ireland has the youngest population in the EU, the level of education is high and demographic projections point to growth.”
The building at 2 Burlington Road, which is fully leased to the EBS Building Society, a 100% subsidiary of the listed Allied Irish Banks (AIB), until 2027, was built in 2002 and comprises almost 8,000 square meters of rental space and 33 vehicle parking spaces. The high-quality architecture with a front glass facade in combination with natural stone and aluminum fits harmoniously into the cityscape of the affluent embassy district. The property is located in one of the most desirable districts of Dublin’s City Center and benefits from its exclusive location in close proximity to the Grand Canal and Baggot Street. Around 20 international embassies are based within a kilometer of the property, plus prominent neighbors such as LinkedIn, the Bank of Ireland, Sky and Amazon.
The seller is the European private equity real estate platform Henderson Park, London.
Nick Weber, founding partner and CEO of Henderson Park, comments: “The sale of Burlington Road is consistent with our intended business plan and enables us to accelerate investment into our Irish development pipeline. Despite the challenges presented by COVID-19, this asset attracted significant interest from major international real estate investors, highlighting their confidence in both the Irish commercial property market and Ireland’s economy over the long-term. The sale also underlines institutional conviction in the important role that offices will continue to play in our working lives and, as a result, the ability of prime Dublin office assets to deliver stable and consistent returns.
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Image sources: AIF