Irish property company Iput has moved to consolidate its ownership of the headquarters of one of Ireland's top law firms with a deal to acquire a 29.2 per cent interest in the building held by Aviva for about €37.5 million.
Iput now has sole ownership of Riverside One, having originally acquired a 70.8 per cent stake in the property for €80 million in 2015.
Located on Sir John Rogerson's Quay, the building is widely recognised as one of the most distinctive office properties in the Dublin docklands. Designed by Scott Tallon Walker Architects and built by John Sisk & Son in 2006, the seven-storey block extends to 10,219sq m (110,000sq ft) and is occupied in its entirety by Irish law firm McCann FitzGerald.
Riverside One is situated in a high-profile position overlooking the River Liffey and immediately adjacent to two other Iput-owned buildings at Riverside Two and 33/34 Sir John Rogerson’s Quay.
The company’s overall office portfolio carries a total value of € 1.8 billion and comprises a further 37 properties, containing 2 million sq ft of space.
The company has a further 700,000sq ft of office space under development in Dublin, including Wilton Park, which is pre-let in its entirety to LinkedIn, and the Tropical Fruit Warehouse in the city's south docklands.
Separately, Iput has also increased its already substantial stake in Dublin’s logistics sector with the purchase of Aviva’s half share in Unit D, Kilcarbery Distribution Park. Iput is understood to have paid about €6 million to secure full ownership of the property, having acquired its original 50 per cent share of the 240,000sq ft warehouse in 2014.
Unit D is occupied currently by BWG Foods, the owner of the Spar franchise in Ireland.
Iput is the largest logistics owner in Dublin, with 32 buildings comprising a total of 2.4 million sq ft of space, all of which is fully occupied. Last month, the company secured the largest letting in the Dublin logistics market since 2010 when it agreed a 20-year lease with Dunnes Stores for 325,000sq ft at Damastown Business Park in Dublin 15.
While a spokesman for Iput declined to comment on its acquisition of Aviva’s interests in Riverside One and Unit D at Kilcarbery, the two transactions are very much in keeping with its twin-track investment strategy of investing in prime offices within Dublin’s core central business district and increasing its exposure to the logistics sector.
A spokeswoman for Aviva also declined to comment. It is understood the company pursued the Riverside and Kilcarbery deals as part of its business objective to reduce its level of co-ownerships.
The proceeds of the two disposals are expected to be re-invested by Aviva into a number of asset management projects, including the planned refurbishment of Ossory House on Leeson Street. Aviva is also understood to be seeking investment opportunities with defensive characteristics similar to its acquisitions of industrial units at Aerodrome Business Park and Greenogue Business Park.