Investment consolidates IPUT’s position as Dublin’s largest office owner.
IPUT, Ireland’s leading property company and the largest owner of offices in Dublin, has completed the acquisition of 3 Dublin Landings on Dublin’s North Quays from Ballymore/ Oxley for €115m million in an off-market transaction. Following the transaction, IPUT’s Dublin office portfolio will be 2.1 million sq ft (195,000 sqm) with an additional 240,000 sq ft (22,300 sq m) currently under construction, including the Wilton Park and Tropical Fruit Warehouse city centre developments.
Upon completion, which is expected in the coming weeks, this Grade A office building will provide 120,000 sq ft (11,150 sq m) of space set over five storeys, lower ground floor and basement, including 33 car parking spaces and 154 bicycles spaces.
3 Dublin Landings will be finished to LEED Platinum standard and represents the last office building to be completed in the 1 million sq ft (92,900 sq m) Dublin Landings scheme. The mixed-use scheme is anchored by the National Treasury Management Agency of Ireland (NTMA) and other Government agencies and comprises 750,000 sq ft (70,000 sq m) of office space, over 270 high-end residential apartments, ancillary retail and leisure offerings and a boutique hotel. The Luas red line runs adjacent to the northern boundary of the building, while the IFSC, the Convention Centre and landmark Samuel Beckett Bridge, leading to Dublin’s South Docks, all within a 10-minute walk.
Niall Gaffney, IPUT CEO, commented:
In line with our ambition to own the best office buildings in Dublin, 3 Dublin Landings is an excellent addition to our estate and supports the ongoing modernisation of our extensive office portfolio. Occupier appetite, particularly for Grade A offices, remains buoyant in Dublin and we are confident that we will be able to leverage our tenant relationships to maximise its leasing potential, while also delivering enhanced returns for our shareholders.