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Georgian offices near Leinster House sold for €60m to German investors

30-33 Molesworth Street was core property in Green Reit portfolio acquired in 2019 by UK's Henderson Park

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30-33 Molesworth Street

30-33 Molesworth Street

30-33 Molesworth Street

An office block across the street from the gates of Leinster House has been sold by Henderson Park from its core Green Reit portfolio to German investors, its second such sale in a week.

While terms were not publicly disclosed, it is understood that the Frankfurt-based real estate fund KanAm Grund paid approximately €60m to acquire 30-33 Molesworth Street.

The Georgian property includes as tenants the real estate advisors Savills Ireland, financial advisors Maples Group and Elkstone, and the Clerkin Lynch law firm.

The deal follows last week’s €94m sale of 2 Burlington Road by Henderson Park to another German fund, KGAL Investment Management. That property houses the headquarters of EBS Building Society.

The 30-33 Molesworth Street property comprises 5,300 square metres of space spread across two Georgian buildings and two buildings redeveloped and refurbished by Green Reit in 2018.

The sale leaves three core Dublin properties still for sale from Henderson Park’s 2019 takeover of Green Reit, known as the Capital Collection: 5 Harcourt Road, Fitzwilliam Hall and One Molesworth Street, home to the Banking Payments Federation of Ireland.

Henderson Park CEO Nick Weber said the sale to KanAm “underscores international confidence in the Irish commercial property market and in Ireland’s long-term economic prospects”.

“Ireland remains a key investment market for Henderson Park and we now have a proven and experienced team and a permanent operating presence in Dublin,” he said. “We expect to generate further liquidity from the remaining assets within the Capital Collection and to use proceeds to invest in our Irish development pipeline.”

London-based Henderson Park entered the Irish property market in July 2019 by acquiring Heuston South Quarter in Dublin. It bought Green Reit five months later for €1.34bn.

KanAm manages property worldwide worth more than €8bn and likewise entered the Irish market only in the past year.

In October it paid more than €20m for the newly built Wythe Building, a six-storey office block in Dublin 2 that already was fully leased.

In February, KanAm paid €35m for an eight-storey office block on Upper Hatch Street in Dublin city centre occupied by Deloitte and tax advisers H&R Block.

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