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The transaction is consistent with the group’s strategy of diversifying earnings within scalable and developed markets. Image source: mapletree
Mapletree Investments has agreed to acquire The Sorting Office, an eight-storey office building in Dublin, from Irish developer Marlet Property Group.
Marking its first office acquisition in the Irish capital, the transaction is consistent with the group’s strategy of diversifying earnings within scalable and developed markets, said Mapletree in a release.
Situated in Dublin’s Silicon Docklands, the 210,000 sq ft property is set for practical completion in November 2019. It sits on a 60,278 sq ft site and boasts large and regular floor plates.
It also features 24 underground car park lots and 318 bicycle parking spaces.
Marlet CEO Pat Crean said The Sorting Office represents “the very best of Irish design and construction”.
“We are excited about this opportunity as we have been exploring the Dublin office market for a few years, attracted by the robust tenant demand that has been driven by the city’s strong focus on information and communication technology,” said Michael Smith, Mapletree’s regional chief executive officer for Europe and USA.
To date, the group has invested around $2.3 billion in one business park and four offices in the United Kingdom as well as a suburban office building in Munich, Germany. In May, Mapletree also added an office building in Warsaw, Poland to its portfolio.
“Going forward, the group will continue to build its portfolio of European Grade A office properties, in highly liquid, developed markets with attractive yield spreads and anchored by strong economic and property fundamentals,” said Mapletree.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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