IPUT acquires €115m Dublin grade-A office scheme
IPUT has bought 3 Dublin Landings, Dublin, for €115m (£96m) from a Ballymore and Oxley joint venture.
Construction of the 120,000 sq ft grade-A office scheme is expected to complete imminently. The development will also see 33 car parking spaces and 154 cycling spaces built.
The scheme is part of the wider 1m sq ft Dublin Landings scheme that Ballymore is delivering alongside Oxley. Tenants include the National Treasury Management Agency of Ireland and other government agencies.
IPUT has bought 3 Dublin Landings, Dublin, for €115m (£96m) from a Ballymore and Oxley joint venture.
Construction of the 120,000 sq ft grade-A office scheme is expected to complete imminently. The development will also see 33 car parking spaces and 154 cycling spaces built.
The scheme is part of the wider 1m sq ft Dublin Landings scheme that Ballymore is delivering alongside Oxley. Tenants include the National Treasury Management Agency of Ireland and other government agencies.
The acquisition follows that of Greystar Real Estate Partners, which acquired a residential scheme within Dublin Landings consisting of 268 apartments for €175.5m in July this year.
IPUT chief executive Niall Gaffney said: “Occupier appetite, particularly for grade-A offices, remains buoyant in Dublin and we are confident that we will be able to leverage our tenant relationships to maximise its leasing potential, while also delivering enhanced returns for our shareholders.”
IPUT’s latest acquisition brings its office portfolio in Dublin to 2.1m sq ft, as well as an additional 240,000 sq ft of office space currently under construction.
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