Union Investment acquires building on Hanover Quay for €190m
German-based fund manager acquires fully let office property for ‘just over’ guide price
Union Investment, the German-based fund manager, has acquired 5 Hanover Quay in Dublin’s docklands for “just over “ €190 million.
In a statement on Monday, the German fund manager, which also owns the nearby 4 and 5 Grand Canal Square, said it had acquired the newly-built office property in Dublin’s growing south Docklands for “just over €190 million”. The property was put on the market at a guide price of €190 million in May by joint agents JLL and London-based Eastdil Secured.
Located on a prime waterfront site at the heart of the Dublin docklands, the property is fully let, providing an annual rental income of €8.75 million. The sale price reflects a net initial yield of about 4.25 per cent, assuming standard acquisition costs of 8.46 per cent.
Developed by Targeted Investment Opportunities ICAV (a joint venture between funds managed by Oaktree Capital, Bennett Group and Nama), Five Hanover Quay comprises 14,864 sq m of office space distributed across seven floors. Tenants include technology company DocuSign and Aptiv, a a global auto parts company.
Five Hanover Quay is located overlooking Grand Canal Square, and within a five-minute walk of the five-star Marker Hotel, as well as a wide selection of coffee shops, restaurants, and convenience stores.
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