Henderson Park Plans More Dublin Development After €65M Sale
Henderson Park has sold one of its prime Dublin offices to Luxembourg property asset manager REInvest Asset Management for €65M and plans to reinvest the proceeds in Dublin development.
The sale marks the first investment into the Irish property market by REInvest, which has acquired 5 Harcourt Road in Dublin 2.
Henderson Park completed the LEED Gold-rated scheme in 2018. It is located close to the new urban setting where Dublin’s city centre meets the South Circular Road.
The redevelopment of 5 Harcourt Road involved the demolition of an existing eight-storey office and the construction of a new office at a similar height but including a basement level. The scheme has a total internal space allocation of 80K SF.
The office is fully let to WeWork on a long-term lease.
"With this investment, we have acquired our first property in Dublin and even more importantly, we have secured a top office building with long-term rental income for our investors thanks to the very long lease," REInvest Head Of Transaction and International Project Manager Daniel Hohls-Larsson, told RTE.
"Consistent with our business plan, the sale of 5 Harcourt Road enables us to further accelerate investment into our Irish development pipeline," Henderson Park Managing Director Christophe Kuhbier said.
"This is supported by our belief in the highly favourable long-term fundamentals underpinning Dublin's real estate sector, and the city’s continued position as an international centre of business."
