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Patrizia snaps up €145m Irish office

The German-based real estate investment company has acquired a core Dublin property on behalf of a separate account mandate.

Patrizia Immobilien, the German-based real estate investment company, has acquired a central Dublin office property for €145 million.

The firm has purchased the Oval, a 189,143 square foot building, on behalf of an institutional client.

“The building is fully let to a variety of high quality tenants, and we see rental levels continuing to improve in a sector that is characterised by strong demand and a lack of supply,” James Muir, managing director at Patrizia UK & Ireland, said.

“There are several significant commercial developments ongoing in the immediate vicinity which will further enhance the location's appeal to occupiers over the coming years.”

The property is located in the centre of Ballsbridge, one of Dublin's central business districts, and is fully let to 15 tenants, including Eirgrid, the state-owned electric power transmission operator and Partner Re, the international reinsurance group.

In addition to the office space, the building contains a gym, a convenience grocery retailer, a Starbucks and parking.

Patrizia currently employs 800 people with 90 percent of its €15 billion portfolio managed on behalf of third-parties such as insurance companies, pension fund institutions, sovereign wealth funds and savings banks.