Henderson Park seek €400m+ for prime Dublin office blocks

Properties were previously owned by Green Reit, which was acquired by Henderson Park Capital for €1.34bn last year

UK property company Henderson Park Capital is understood to be seeking in excess of €400 million from the sale of a portfolio of five prime Dublin offices it acquired as part of its recent €1.34 billion buyout of Green Reit.

Eastdil Secured has been formally appointed to handle the sale of “Capital Collection” in one or more lots. The portfolio comprises some of the best office properties in Dublin’s core central business district including One Molesworth Street, 2 Burlington Road, 5 Harcourt Road, 30 to 33 Molesworth Street, and Fitzwilliam Hall.

It is understood Henderson Park intends to deploy some €300 million of the sale’s proceeds on the development and optimisation of the other properties it acquired as part of its purchase of Green Reit. Horizon Logistics Park, close to Dublin Airport and the M50, and the Central Park office campus at Sandyford in south Dublin, are among the assets expected to benefit from investment.

Contacted for comment on Henderson Park’s future intentions in relation to the Irish market, the company’s managing director Christophe Kuhbier said: “We are committed to the Irish real-estate market for the long-term. Our focus as an active asset manager is to identify assets where we can apply our investment and development expertise to generate strong returns for our investors. We are establishing a permanent operating presence in Dublin and now have a strong local team to manage our existing portfolio and support our Irish development pipeline.”


Redeploy capital

He said its strategy for the Green Reit portfolio was always to dispose of certain assets to long-term institutional investors, and to then redeploy that capital for the development of other assets within the portfolio.

“We are bringing to market five prime assets and believe there will be significant international investor interest in the sales process,” Mr Kuhbier added.

Established by former Goldman Sachs and Mount Kellett partner Nicholas Weber in 2016, Henderson Park has since grown its portfolio to include property investments distributed across Europe with a combined value in excess of €8 billion.

The company made its initial foray into the Irish market last year when it paid €222 million to acquire the landmark Heuston South Quarter scheme in Dublin from US property giant Marathon Asset Management. The mixed-use scheme comprises 266 apartments, 9,877sq m of grade A office space, 4,463sq m of commercial space, and a 3.63 acre development site.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times