Mapletree completes €167m Nova Atria deal

Singapore-headquartered real-estate investment trust Mapletree Investments has completed its purchase for around €167 million of the Nova Atria office campus at Sandyford in south Dublin.

The closure of the deal brings Mapletree's investment to date in the Irish office market to €407 million. Earlier this year, the company paid €240 million to secure ownership of the Sorting Office, the 19,510sq m (210,000sq ft) office scheme being developed in the Dublin docklands by Pat Crean's Marlet Property Group.

Mapletree’s acquisition of the Nova Atria for €167 million represents a significant development for Dublin’s suburban office market. Up to now, Asian investors have tended to deploy their capital within the city’s central business district and docklands area.

Extending to a total area of around 32,000sq ft, Nova Atria comprises two office blocks. The buildings - Nova Atria North and South were known previously as the Atrium and had been occupied by Microsoft and other companies.

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Nova Atria was acquired by its previous owner, US private equity giant Blackstone in 2014 from a consortium of private investors for a figure reportedly in the region of € 100 million. Having purchased the scheme, Blackstone carried out substantial refurbishment works on Nova Atria South before letting all 15,939sq m (172,121sq ft) of space at the building to Facebook earlier this year. Nova Atria North meanwhile is let to a number of tenants.

Blackstone’s sale of the property to Mapletree was handled by Kyle Rothwell of CBRE.

Mapletree Investments is a significant player in the global real-estate market with operations in the US, Australia, Japan, China, India and the UK. The company owns and manages some € 30 billion of properties including office, retail residential and industrial property, as well as student accommodation.