- Investment in The Eight Building aligns with PATRIZIA’s strategy of being a key enabler of smart cities and smart buildings of the future
- Located in one of Dublin’s top digital and creative hubs, the building is developed to highest environmental sustainability standards
- Latest investment grows PATRIZIA’s AUM in Dublin to around EUR 830m
Dublin/London, 6 October 2022. PATRIZIA, a leading partner for global real assets, has invested circa EUR 60m on behalf of its institutional clients in The Eight Building, a sustainable grade A office scheme in Dublin 8’s Liberties area, the city’s booming creative and tech district. Supporting PATRIZIA’s sustainability strategy, it has been developed to LEED Gold1 and WiredScore Platinum Standard2, ensuring operational efficiency, a reduced carbon footprint and low running costs, as well as cutting-edge digital infrastructure.
Phil Irons, Managing Director, Transactions & Fund Management UK & IE at PATRIZIA, said: “Despite the current economic uncertainty in Europe, we believe the global megatrend of digitalisation is only accelerating. Cities like Dublin boast strong digital infrastructure and need well-connected, smart buildings. For PATRIZIA, as a key enabler of smart cities and smart buildings, investing in The Eight Building in this rapidly growing tech hub of Dublin, was an opportunity too good to miss.”
Dublin ranks #39 in PATRIZIA’s European City Pulse index which measures 142 cities in western Europe based on a combination of market fundamentalsand location quality factors, as well as the innovativecapacity and connectivity of each city.
“It’s not surprising that Dublin features in the top third of our European City Ranking, and with this latest investment we have now grown our AUM in Dublin close to EUR 830m,” adds Phil Irons. “An important factor for the city’s success is its world-class fibre optic network connectivity as an early adopter of 5G in 2019, and Dublin ranks #16 for market fundamentals. The city’s population of circa 1.4m is forecast to grow to 1.8m by 2036 as it continues to be a magnet for international firms, a growing student population and highly skilled workers.”
The Eight Building site had originally been acquired by funds advised by Ekistics Property Advisors LLP and had been developed by Revelate Capital and Valorem Investment Partners. Completed in 2021, The Eight Building features ground floor retail space and has a total NIA of circa 7,340 sqm, spanning five floors.
The building is fronting onto Newmarket Square, known as the centre of Dublin’s traditional brewing and distilling industries. Over the past few years, this well-connected area has been undergoing a transformation driven by the development of new student housing, residential and commercial facilities alongside the restoration and upgrading of the area’s historic infrastructure.
PATRIZIA was advised by Knight Frank and A&L Goodbody LLP.
PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 23 years. You can find further information at www.patrizia.ag
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1LEED provides a framework for healthy, efficient, carbon and cost-saving green buildings.
2A digital connectivity certification that rates the quality and resilience of digital infrastructure in buildings.