Global real estate investment company Kennedy Wilson has acquired Half Moon Street, a city centre mixed-use asset in Cork, Ireland for €36.3m.
This reflects a net initial yield of 6.7pc.
Completed in 2009, Half Moon Street provides 120,000 sq ft of space in a prime waterfront location.
The building is made up of both office and retail space.
It is currently 96pc let.
Peter Collins, President of Kennedy Wilson Europe, said: “Half Moon Street is one of the most prominent buildings in Cork city centre.
We are excited by the potential for value-enhancing asset management angles and are confident in Cork’s fundamentals as a top European city, underpinned by its lower occupancy costs relative to Dublin, strong connectivity both for travel and telecoms and future growth prospects.”