Pension-insurance firm Irish Life has acquired the Sovereign portfolio of Dublin retail and office properties for 鈧�154 mln.
Pension-insurance firm Irish Life has acquired the Sovereign portfolio of Dublin retail and office properties for 鈧�154 mln.
The portfolio was built up during the 1990s by Royal London Asset Management (then trading as Royal Liver Assurance), the Irish Times newspaper reported. Unsuccessful attempts were made to sell the assets in the crisis years of 2009 and 2010.
Underlining the recovery of the Irish market, six Irish and overseas investors showed an interest in the portfolio in the latest, successful sales process in which CBRE advised Royal London. Knight Frank advised Irish Life. The Irish Times reported that the buyer 'settled' for an initial yield of 4.4% on the portfolio which generates an annual rent of 鈧�7.4 mln.
Retail assets comprises some 75% of the portfolio. One asset is located in the city of Cork but the rest are located on the main shopping streets in the centre of Dublin.
