Investor Builds €575M Irish Portfolio With Double Office Buy
French investor Corum Asset Management has bought a pair of Dublin office properties for about €110M, taking its holdings in Ireland to €575M.
Corum has bought George’s Quay Townhouse in D2 for €80M, a price that represents a yield of about 6.25%. The 105K SF property was bought from Henderson Park and was part of a €400M portfolio of former Green REIT Dublin properties Henderson was trying to sell. Tenants in the building include Fidelity and CIB.
The second purchase was the F1 Building in Cherrywood, D18, which Corum bought for about €30M from Spear Street Capital. The 67K SF building is let to payment solutions company Elavon.
The deals take Corum’s Irish portfolio to 21 assets with a combined value of €575M, the Irish Independent reported. Last year, Corum bought the Watermarque building in D4 from Blackstone for €92M. Tenants at Watermarque include Google, News UK & Ireland and Pfizer, and the deal was the largest yet for the investor.
In its July update, agent Sherry FitzGerald reported activity in the Irish commercial property sales market had slowed to one of the lowest levels on record in the second quarter of 2023, with only 26 transactions closing. Turnover for the three-month period was an estimated €333M, also close to a record low.
