19 Jan 2017
M7 enters Irish market with Dublin mixed-use acquisition
London, 19 January 2017 – M7 Real Estate, the pan-European investor and asset manager, announces that it has acquired a mixed-use office and residential development on Fumbally Lane, Dublin, on behalf of M7 European Real Estate Investment Partners IV (“M7 EREIP IV” or the “Fund”). The transaction, which comprises four buildings totalling 7,778 sq m and a 2,000 sq m site with development potential in the city centre, represents M7’s first acquisition in the Republic of Ireland, meaning that the Company now has assets under management across 12 European countries.
The four properties in the Fumbally Lane development, which is close to St Patrick’s Cathedral and a 15 minute walk to both Grafton Street and St Stephen’s Green, include Fumbally Square, which is a 2,338 sq m modern, purpose-built office block across five floors, as well as three refurbished period buildings, Fumbally Studio, Mews and Court, which offer a total of 1,478 sq m of office accommodation. The buildings have a combined occupancy of 83% and a WAULT of three years. Key tenants include CMC Coal Marketing, FCR Media, Infineon Technologies, the Technological Higher Education Association and the Disability Federation of Ireland.
In addition to the office accommodation, the asset also includes four fully let two-bedroom apartments that provide panoramic views across Dublin and the River Liffey, as well as a 2,000 sq m site to the rear that has previously held planning permission for residential development and offers value creation opportunities.
John Murnaghan, Head of UK Real Estate at M7 commented, “This acquisition represents our first entry into the Republic of Ireland, an area that we are increasingly interested in due to the strong growth opportunities and fundamentals that underscore the local market. The asset provides a compelling opportunity for a sustainable income stream, through its location in a sought after area of Dublin that is experiencing robust rental growth and its strong tenant mix, combined with the potential to drive value through asset management. In the near term, we expect to add further Irish assets to our portfolio to complement this purchase.”