German real estate group spends €190m on South Docklands property

Hanover Quay

Ellie Donnelly

Union Investment, a German real estate fund manager, has acquired 5 Hanover Quay in Dublin’s Docklands for just over €190m.

The property was built in 2018 and compromises of 15,000 sq m of office rental space.

It is currently fully let to two tech companies.

Martin Schellein, head of investment management Europe at Union Investment, said: "The Docklands area of Dublin is one of the most dynamic office markets in Europe at the moment."

"The existing [5 Hanover Quay] tenants, DocuSign International and Aptiv Global Operations, are both well-established, successful businesses, which lends added investment security."

Following this purchase, Union Investment now holds five commercial properties in Dublin worth over €620m in total.

In June this year, the Hamburg-based real estate investment manager announced the acquisition of Ballast House for UniInstitutional European Real Estate.

In a statement it said it intends to monitor the Dublin office market "for further acquisition opportunities."

Union Investment manages a range of funds for both private and institutional investors. It currently has €41.4bn in assets under management.