Union Investment has acquired Ballast House in Dublin for €27m (£24.1m).
The iconic building, which featured in James Joyce’s novel Ulysses, provides more than 29,000 sq ft of offices and retail space.
The property will be added to the holdings of institutional open-ended real estate fund UniInstitutional European Real Estate. It is the first acquisition the fund has made in Ireland.
Tenants include flexible office provider Pembroke Hall and retailers Carrolls Irish Gifts and Londis.
Union Investment now holds four commercial properties in Dublin with a total value of €430m.
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Martin Schellein, head of investment management Europe at Union Investment Real Estate, said: “After previously acquiring the Shannon Building on Burlington Road and the office buildings at 4 and 5 Grand Canal Square, both of which were major transactions, we are now making our first medium-sized investment in Dublin.
“This is an excellent example of how we are able to leverage the opportunities offered by the diverse investment profiles of our real estate funds for transactions.”
BNP Paribas Real Estate advised Union Investment.
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