IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the completion of an off-market transaction with Aviva which consolidates 100% ownership of two formerly jointly owned office and logistics assets.
Riverside One is a 110,000 sq ft, Grade A office building which is occupied by law firm McCann Fitzgerald on a long-term lease. IPUT has acquired the outstanding 30% interest in this building from Aviva having acquired a 70% interest during 2015.
Unit D Kilcarbery Distribution Park, Dublin 22 is a 110,200 sq ft logistics unit is occupied by BWG Foods on a long-term lease. IPUT has acquired the outstanding 50% interest in this building having acquired a 50% interest during 2014.
The acquisition of Riverside One and Unit D, Kilcarbery Distribution Park, is consistent with IPUT’s investment strategy to focus on prime office and logistics assets in Dublin; and to reduce the level of co-owned assets within the portfolio.