Meyer Bergman, the London-based real estate investment manager, has acquired two retail assets in the Irish capital for a combined fee of €110 million.
Both properties are in the downtown area, opposite Trinity College, Dublin’s most prestigious university, and near the city’s main shopping center, Grafton Street. Meyer Bergman did not disclose the prices of the two individual assets.
The first property, a high street-based 101,000 square foot retail and office space with 125 parking spaces, was purchased from insurance giant Aviva Investors. The second asset consists of ground floor and basement retail units of the landmark building Morrison Chambers. The 11,500 square foot building has tenants including Costa Coffee, KC Peaches and Kevin & Howlin. The seller was undisclosed
The two assets are the fifth purchase made on behalf of the firm’s most recent retail vehicle, Meyer Bergman European Retail Partners (MBERP) III. The fund, which was launched in December last year, had accrued more than €332 million of equity towards its €900 million target as of this month.
MBERP III, for which the firm targets large retail assets in need of management and refurbishment, owns a majority share of the two properties, purchased in a joint venture with Dublin-based asset manager BCP Asset Management.
“Retailers are struggling to find stores in downtown Dublin with enough space for their new formats, so we aim to reposition these properties through extensions, redevelopment and refurbishment,” said Markus Meijer, Meyer Bergman’s chief executive officer.
Meijer also suggested the assets will be benefit from increased footfalls from the new Luas Cross City tramline, which is due to open in 2017. “We are actively looking for more opportunities like these to invest in this area,” he added.
Other assets bought on behalf of MBERP III include a portfolio of high street shops in Oslo, a portfolio of retail properties across France and a development site in London’s affluent Kensington neighborhood.
The fund’s predecessor, MBERP II, held a final close in July 2014 at the hard cap of €750 million. The final deal made on behalf of the fund was last summer’s £80 million ($124 million: €113 million) purchase of a mixed-use property in London’s Mayfair.
Meyer Bergman’s most notable recent deal was the €100 million acquisition of Festival Park, Mallorca’s premier outlet center, in January, in a joint venture with London-listed REIT Hammerson, Dutch pension giant APG and Oxford-based retail specialists, Value Retail.
Meyer Bergman has €4 billion of real estate assets under management.