Union Investment Real Estate has acquired 4 and 5 Grand Canal Square in Dublin for around €230m (£162m).
The two office buildings were bought from Chartered Land in conjunction with Nama and total 250,000 sq ft. They are fully let with an average remaining term of more than ten years.
The acquisitions will join the portfolio of open-ended real estate fund Unilmmo: Europa, for which Union Investment recently secured a 50% stake in Watermark Place, EC4.
Philip La Pierre, head of investment management at Union Investment Real Estate, said: “We are delighted that our Europe fund is now exposed to Ireland with the acquisition of what are currently the most prestigious office buildings in Dublin’s Docklands.
“Ireland’s economic recovery is evident in the steady growth in rents, which looks set to continue over the next few years. The favourable euro/dollar exchange rate should provide a further boost to Ireland’s export-focused economy.”
Savills acted for Union Investments.
