- Acquisition made on behalf of a separate account mandate from a German pension fund
- Property has achieved LEED Platinum certification for its sustainability
TRIUVA, a PATRIZIA company, announces the acquisition of a newly built, fully leased office building in central Dublin from the joint venture vendor Ballymore/Oxley on behalf of a separate account mandate from a German pension fund. The purchase price remains undisclosed.
The acquisition of No.1 Dublin Landings underlines the funds strategy to invest in core assets in Europe’s major cities and follows a number of PATRIZIA acquisitions in Ireland over the last two years. These include The Oval office building in Dublin and two separate build-to-rent residential schemes in and around the Irish capital.
Manuel DeVigili, Head of Investment Management at TRIUVA, said: “This property’s outstanding construction quality makes No.1 Dublin Landings a premium investment in the Dublin office market for our client. Dublin offers an attractive risk-reward profile in a European context.”
The property is located on the Northwall Quays overlooking the River Liffey. The National Treasury Management Agency will fully occupy the building on a long-term lease and benefit from the strategic location next to the new (owner-occupied) Central Bank of Ireland HQ. The building has achieved the LEED Platinum certification from the US Green Building Council – the highest possible certification within USGBC’s Leadership in Energy and Environmental Design system – for its sustainable design, construction and operations. No 1 Dublin Landings will form part of the wider Dublin Landings development scheme, scheduled for completion by the end of 2019. Upon completion the scheme will provide c. 60,000 sq m of offices, 270 apartments, a boutique hotel and landscaped gardens.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.