Private equity company completes €222m acquisition of Heuston South Quarter

Land includes 3.63 acre development site with zoning

European private equity company Henderson Park has completed its acquisition of Heuston South Quarter (HSQ) in Dublin from Marathon Asset Management for €222 million.

The development, completed between 2005 and 2008, includes six buildings with office, residential and retail accommodation. Additionally, the site comes with a 3.63 acre development site with zoning.

"HSQ provides us with an immediate and meaningful exposure to the Irish real estate market," said Nick Weber, founding partner of Henderson Park.

Henderson Park last week emerged as the third remaining bidder for Green Reit, the Dublin-listed property company with an annual rent roll of €73 million, as final offers are set to be submitted this week.


Second round

The company, set up by former Goldman Sachs and Mount Kellett partner Nick Weber in 2016, has made it through to the second round of bidding, Bloomberg reported on Friday.

For its entry to the Irish market, the pan-European investor has teamed up with developer Joe O’Reilly’s Chartered Land to buy the landmark HSQ development.

The bulk of the existing scheme offers a mix of one, two and three-bedroom apartments and duplexes. Aside from the 266 residential apartments, the development has more than 78,800sq ft of office space in addition to retail space anchored by SuperValu.

Henderson Park’s entry into the Republic follows investment of more than $5.4 billion (€4.8 billion) in building a European portfolio of assets.

Peter Hamilton

Peter Hamilton

Peter Hamilton is a contributor to The Irish Times specialising in business