Union Investment buys Gandon House in Dublin

Property let to OPW since 1979

Gandon House on Amiens Street.

Gandon House on Amiens Street.

 

German real estate manager Union Investment has bought Gandon House, an office building at 1 Amiens Street in Dublin. The 3,600 sq m property, close to Connolly Station, was constructed in 1972 and has been let to the Office of Public Works since 1979.

This is Union Investment’s third acquisition in Dublin in 2019. Earlier this year, the Hamburg-based investment manager bought Ballast House on Westmoreland Street and the office property at 5 Hanover Quay. The seller was a private property company represented by CBRE and the purchase price was not disclosed.

Union intends to add Gandon House to a real estate fund called DIFA-Fonds Nr 3, which also includes properties in Germany, Finland and Poland. “By acquiring Gandon House, we have also further stabilised the fund’s office exposure,” said Wolfgang Kessler, a member of Union’s management board.

The investment manager said the proposed development of the Connolly Quarter was expected to further boost the attractiveness of the location of Gandon House, which is also near the International Financial Services Centre (IFSC).