German asset manager Patrizia has completed the acquisition of a 189,143 sq ft (17,600 m2) central Dublin office building on behalf of an institutional client for 鈧�145 mln.
German asset manager Patrizia has completed the acquisition of a 189,143 sq ft (17,600 m2) central Dublin office building on behalf of an institutional client for 鈧�145 mln.
Constructed in 2007, the Oval is located in the centre of Ballsbridge, one of Dublin鈥檚 prime central business districts, and is fully let to 15 tenants including Eirgrid, the state-owned electric power transmission operator and Partner Re, the international reinsurance group, as well as Avolon Aviation, Tableau Software and Murex.
In addition to the office space, the building contains a gym, Energie Fitness Club, Centra, a convenience grocery retailer, a Starbucks and parking.
'This off-market acquisition of a substantial office property highlights our ability to source attractive investments for clients in major centres such as Dublin,' said James Muir, managing director at Patrizia UK & Ireland. 'The building is fully let to a variety of high quality tenants, and we see rental levels continuing to improve in a sector that is characterised by strong demand and a lack of supply. There are several significant commercial developments ongoing in the immediate vicinity which will further enhance the location鈥檚 appeal to occupiers over the coming years.'
