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Henderson Park agrees €94 million sale of prime Dublin office asset to KGAL

Henderson Park has unconditionally exchanged contracts for the sale of 2 Burlington Road in Dublin city centre, to German real estate fund manager KGAL Investment Management, on behalf of a pan-European real estate special AIF, for €94 million.

“Dublin is a very attractive location for global IT companies, with Google, Facebook and Amazon all operating their European head offices in the Irish capital. These companies are continuing to experience dynamic growth and fuel the office market,” comments André Zücker, who is Managing Director of KGAL Investment Management and responsible for the real estate asset class.

He goes on to further explain the appeal of the transaction: “Ireland has the youngest population in the EU and the level of education there is high; and demographic forecasts indicate growth ahead.”

The prime Dublin office building, which formed part of Henderson Park’s acquisition of Green REIT plc in November 2019, comprises a 7,924 sqm (85,300 sq ft) freehold corporate HQ occupied by Allied Irish Bank, with seven years remaining on the lease. The property is strategically located in the heart of Dublin’s traditional CBD.

The property 2 Burlington Road is located in a coveted area of Dublin’s city centre, and enjoys the advantages of an exclusive location in the direct vicinity of the Grand Canal and Baggot Street. © KGAL GmbH & Co. KG
Nick Weber, Founding Partner and CEO, Henderson Park, commented: “The sale of Burlington Road is consistent with our intended business plan and enables us to accelerate investment into our Irish development pipeline. Despite the challenges presented by COVID-19, this asset attracted significant interest from major international real estate investors, highlighting their confidence in both the Irish commercial property market and Ireland’s economy over the long-term. The sale also underlines institutional conviction in the important role that offices will continue to play in our working lives and, as a result, the ability of prime Dublin office assets to deliver stable and consistent returns.

“With a permanent operating presence established in Ireland and a strong local team to manage our existing portfolio and support our Irish development pipeline, we have exciting plans across our various assets in Dublin. We look forward to growing our working relationship with all of our tenants in our Irish portfolio, and to seeing this particular asset continue to prosper under KGAL’s ownership.”
Photos: KGAL GmbH & Co. KG
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