German fund in talks to buy Airbnb’s Dublin office

German fund Wealthcore Group is in talks to buy Airbnb’s Dublin office for around €160m (£142m). The Reflector, one of Dublin’s iconic new office buildings, was put up for sale in February for €155m. The 121,089 sq ft six-storey office is in Dublin’s Grand Canal Dock area. It was developed by Irish property group Park Developments. Completed in 2018, it is also let to Boston-based tech firm LogMeIn. It produces an annual rent of approximately €7m. The sale is being handled by Savills Ireland and CBRE on behalf of Park Developments. It is understood that Munich-based Wealthcore, founded in 2018 by four partners from the property sector, acts on behalf of Korean investors. Dublin agents say Korean investors have been circling the city’s property market since 2018. One agent said: “Korean money has also started coming into the market. It was not here until 2018-2019 because the scale wasn’t available and they have a preference for new buildings.” However, with the exception of Green REIT’s portfolio, which came on the market earlier this year, there is not a huge amount of high value stock available. Green has a €1.5bn (£1.3bn) portfolio, with offices in the Dublin area making up 83%. Trophy buildings include One Molesworth Street, home to The Ivy restaurant, which launched in Dublin last year. Wealthcore, CBRE and Savills declined to comment. Park Developments was approached for comment. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette