26 August 2021
Union Investment acquires office complex in Dublin business centre
• Property let on long-term lease to state-owned enterprise
• City centre location with excellent transport links
Union Investment has acquired blocks A and B of the Parkgate Business Centre in Dublin from real estate funds managed by Blackstone. The business centre comprises four separate office units. The acquired buildings A and B are fully let to Transport Infrastructure Ireland (TII), a state-owned enterprise responsible for sustainable transport infrastructure and services. The acquisition is being made on behalf of open-ended special real estate fund DIFA-Fonds Nr. 3. The purchase price was not disclosed.
Parkgate Business Centre benefits from excellent transport links. It is within walking distance of Heuston Station, one of Dublin’s busiest commuter stations after Connolly Station. The nearest tram stop is also located at Heuston Station, making it possible to reach the Docklands district in around 15 minutes. The airport is approximately 20 minutes away by car.
“This attractive downtown location is expected to improve even further in the coming years thanks to planned development projects in the area. In particular, the construction of more than 300 apartments and around 3,700 sq m of offices and retail space on the adjacent site by Irish developer Chartered Land will have a positive impact on the location. In addition to good transport connections, the building also benefits from its proximity to Phoenix Park, the largest enclosed city park in Europe.”
Wolfgang Kessler, a member of the management team at Union Investment Institutional Property GmbH.
Built in 1999, the office complex covers some 3,900 sq m. The office space extends from the ground floor up to the 3rd floor. There is a communal underground car park in the basement of the building that is used by the office tenants of all the blocks and the tenants of the neighbouring apartments. TII continuously invests in the property: it upgraded the majority of the technical systems in 2015 and 2019 and also installed LED lighting. There are charging points in front of the building and solar panels on the roof.
Union Investment was advised on legal aspects of the deal by Irish law firm A&L Goodbody and on tax matters by KPMG Ireland. Blackstone were represented by CBRE and Arthur Cox.
For Union Investment Institutional Property GmbH