Irish Life sells Dublin office block for EUR164m
Irish Life Investment Managers has completed the sale of Block A, Riverside IV in Dublin – a prime office building located in Dublin’s south docklands – to German investor Deka Immobilien Investment GmbH for a price in the region of EUR164 million.
Riverside IV is a Grade A, seven-storey office building extending to approximately 133,800 sq ft. The building was originally designed by RKD Architects and developed in 2007.
The building is fully occupied by Matheson, Ireland’s largest law firm, who committed to a new long-term lease in April 2020.
Riverside IV is situated in a prime waterfront position in Dublin’s South Docklands with over 65 metres frontage to the River Liffey.
The South Dockland’s is a highly sought-after location by both occupiers and investors and this transaction illustrates the strong demand from international investors for core office investments in Dublin.
Irish Life Investment Managers are Ireland’s largest property investment manager, with over EUR3 billion of Irish property assets under management. The sale of Riverside IV further demonstrates their track record of active asset management and enhanced returns for their investors.
The purchase also represents another major office investment in the Irish market for Deka , one of Germany’s largest providers of property funds, who have been one of the most active core investors in Ireland in recent years.
Martin O’Reilly, Head of Property at Irish Life Investment Managers, says: “Riverside 4 has generated an excellent return for our investors following significant value add lease restructuring. This competitive off market sale process and strong pricing demonstrates strong market liquidity and confidence in the outlook for commercial property in Dublin. We remain committed to the market and continue to increase exposure to city centre offices by way of our development pipeline, which includes 70 St Stephens Green and Cadenza on Earlsfort Terrace.“