Henderson Park agrees EUR94m sale of Dublin office asset to KGAL
Henderson Park, a European real estate investment platform, has unconditionally exchanged contracts for the sale of 2 Burlington Road in Dublin city centre, to German real estate fund manager KGAL Investment Management, on behalf of a pan-European real estate special AIF, for EUR94 million.
The prime Dublin office building, which formed part of Henderson Park’s acquisition of Green REIT plc in November 2019, comprises a 7,924 sq m (85,300 sq ft) freehold corporate HQ occupied by Allied Irish Bank, with seven years remaining on the lease. The property is strategically located in the heart of Dublin’s traditional CBD.
Nick Weber, Founding Partner and CEO, Henderson Park, says: “The sale of Burlington Road is consistent with our intended business plan and enables us to accelerate investment into our Irish development pipeline. Despite the challenges presented by Covid-19, this asset attracted significant interest from major international real estate investors, highlighting their confidence in both the Irish commercial property market and Ireland’s economy over the long-term. The sale also underlines institutional conviction in the important role that offices will continue to play in our working lives and, as a result, the ability of prime Dublin office assets to deliver stable and consistent returns.
“With a permanent operating presence established in Ireland and a strong local team to manage our existing portfolio and support our Irish development pipeline, we have exciting plans across our various assets in Dublin. We look forward to growing our working relationship with all of our tenants in our Irish portfolio, and to seeing this particular asset continue to prosper under KGAL’s ownership.”