MAPLETREE Investments announced on Tuesday that it is acquiring an eight-storey office building comprising approximately 210,000 square feet of net internal area in Dublin from Irish real estate developer Marlet Property Group, marking its first office acquisition in the Irish capital.
Located in the heart of Dublin’s Silicon Docklands, the property – also known as The Sorting Office – is due for practical completion in November 2019. The area that it is part of is a business district, attracting a diverse mix of tenants in the technology, financial, legal and professional services sector. It is also located within minutes from the Busáras Central Station, Spencer Dock LUAS Station and Pearse Street Dublin Area Rapid Transit station.
Situated on a site area of approximately 60,278 sq ft, the property boasts large and regular floor plates with flexible design allowing for vertical and horizontal divisions. Additionally, the property will enable tenants to work and socialise across collaboration spaces and terrace areas.
The group said that the acquisition is consistent with its strategy of diversifying earnings in scalable and developed markets.
Michael Smith, regional CEO, Europe and USA, Mapletree Investments, said: “We are excited about this opportunity as we have been exploring the Dublin office market for a few years, attracted by the robust tenant demand that has been driven by the city’s strong focus on information and communication technology.”
He added that he is confident that the property will be “well sought after” as it is the only 150,000+ sq ft office building to be completed in the South Docklands area in the coming year.
To date, Mapletree has invested approximately S$2.3 billion in four offices and one business park in the UK as well as a suburban office building in Munich, Germany. It has also recently added an office building in Warsaw, Poland to its portfolio in May 2019.
The group said that it will continue to build its portfolio of European Grade A office properties, in highly liquid, developed markets with attractive yield spreads and anchored by strong economic and property fundamentals.