Union Investment has acquired a 160,000 sq ft office in Dublin’s South Docklands for more than €190m (£176m).
The acquisition was made on behalf of the open-ended fund Unilmmo: Europa and is the fund’s third office investment in Dublin.
5 Hanover Quay completed development in 2018 and is fully let to two technology companies, DocuSign International and Aptiv Global Operations.
The seller was development company TIO South Docks Fund.
Martin Schellein, head of investment management Europe at Union Investment Real Estate, said: “The Docklands area of Dublin is one of the most dynamic office markets in Europe at the moment.”
The acquisition brings Hamburg-based Union Investment’s commercial holdings to five properties, valued at more than €620m.
In June, it acquired Ballast House for UniInstitutional European Real Estate and the investment manager said it intends to monitor the Dublin office market for further acquisition opportunities.
See also: European investors boost H1 Dublin property market
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