20 December 2019
Union Investment acquires Gandon House in Dublin
Entire property occupied by government tenant the Office of Public Works / Acquisition for DIFA-Fonds Nr. 3
Union Investment has acquired Gandon House, a 3,600 sq m office property at 1 Amiens Street in Dublin. The property was constructed in 1972 and has been fully let to the Office of Public Works (OPW) since 1979. The OPW is an agency of the Department of Public Expenditure. It is responsible for the management and maintenance of public properties, the operation of national monuments and flood risk management. The vendor is a property company represented by CBRE. The purchase price was not disclosed. The acquisition will be added to the holdings of open-ended special real estate fund DIFA-Fonds Nr. 3.
“Shortly after its recent acquisition of a 3,500 sq m office property in Helsinki at the end of October 2019, DIFA-Fonds Nr. 3 is continuing its strategy of cautiously expanding the international reach of its portfolio with this new acquisition in Dublin. In addition to locations in Germany, the fund is now also represented in Finland, Ireland and Poland with fungible properties that will retain their value. By acquiring Gandon House, we have also further stabilised the fund’s office exposure.”
Wolfang Kessler, a member of the Management Board of Union Investment Institutional Property GmbH
Gandon House is located in the centre of Dublin and is close to Connolly Station, the busiest public transport hub in Ireland. The building is opposite the International Financial Services Centre (IFSC), which is home to a total of around 500 companies with more than 35,000 employees. The proposed development of the Connolly Quarter is expected to further boost the attractiveness of the location.
Gandon House is Union Investment’s third acquisition in Dublin in the 2019 calendar year. Previously, the Hamburg-based real estate investment manager acquired Ballast House with around 2,700 sq m of rental space and the office property at 5 Hanover Quay, which comprises some 15,000 sq m.
For Union Investment Institutional Property GmbH