Iput acquires Dublin Landings office for €115m

Property by Ballymore and Oxley expected to be complete within ‘coming weeks’

An artist’s impression of the Dublin Landings development on North Wall quay.

An artist’s impression of the Dublin Landings development on North Wall quay.

 

Property investor Iput has paid €115 million to acquire an office block on Dublin’s north quays, Three Dublin Landings.

The company, which controls about 5 million sq ft of office, retail and logistics space, said on Monday that the purchase from Sean Mulryan’s Ballymore and Singaporean investor Oxley had completed.

Three Dublin Landings, expected to complete within “the coming weeks” will add 120,000sq ft of office space set over five storeys with a lower ground floor and basement to the company’s portfolio. Iput’s net asset value stood at €2.6 billion at the end of September.

Iput’s Dublin portfolio now consists of 2.1 million sq ft of offices with further space, including Wilton Park and the Tropical Fruit Warehouse, under development.

The National Treasury Management Agency and other Government agencies will occupy the mixed-use wider Dublin landings scheme, which includes residential accommodation, retail and a hotel.

“In line with our ambition to own the best office buildings in Dublin, Three Dublin Landings is an excellent addition to our estate and supports the ongoing modernisation of our extensive office portfolio,” Iput chief executive Niall Gaffney said.