Pension scheme ESB is buying the Ulysses and Millennium Park office portfolio from Irish investment group Tetrarch Capital and Pimco.
The sale price is believed to be in excess of €140m (£124m).
The portfolio comprises six occupied offices in Dublin 1 totalling 347,000 sq ft and six occupied offices in Millennium Park, Naas, County Kildare totalling 142,000 sq ft.
Dublin assets include the Garda Síochána Ombudsman Commission building on Capel Street, and Macken House on Mayor Street.
Tetrarch and Pimco acquired the Ulysses portfolio, which comprised the Dublin offices, in late 2013 and the Millennium Park assets in July 2015.
The offices are 56% let to government tenants, while corporate tenants include Bulgari, Kerry Group and Version 1.
Tetrarch will remain as an investor in the portfolio.
The transaction is subject to the approval of the Competition and Consumer Protection Commission. The transaction was arranged by Merrion Capital and Leon Partners. Merrion Investment Managers will be the fund manager of the portfolio. Tetrarch Capital will continue as investment adviser.
The new investment vehicle will be the Tetrarch Capital Commercial Real Estate Fund, a sub-fund of Tetrarch ICAV.
ICAV’s directors are: James Byrne, director of asset management at Tetrarch Capital, Brian Hall, finance and operations director of Merrion Investment Managers, and Sean O’Brien, development director of BAM Ireland and the former head of investments at CBRE.
The transaction is expected to be completed before Christmas.
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