French investor acquires Fitzwilliam Hall for € 30.4m

Sofidy, the Paris headquartered real estate investment management firm, has ramped up its Dublin portfolio through the acquisition of Fitzwilliam Hall, a prominent office building at Leeson Street Bridge, for €30.35 million.

Sofidy, a subsidiary of French alternative investment group Tikehau Capital, acquired the building from Henderson Park, the London headquartered private equity real estate manager. At a purchase price of €30.35 million, the deal represents a net initial yield (NIY) of 4.2 per cent.

It’s the second Irish acquisition for Sofidy, which last July acquired 76 -78 Harcourt Street, occupied by the OPW, also from Henderson Park. The property had been on the market at a guide price of €21 million.

Back in 2020, Henderson Park announced the sale of the Capital Collection, a €400 million portfolio it acquired as part of its € 1.34 billion buyout of Green Reit. This portfolio included Fitzwilliam Hall.

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Strategy

Jean-Marc Peter, chief executive of Sofidy, said that the group’s strategy is to invest in the heart of European cities and capitals.

“ This second acquisition represents an opportunity to access an exceptional asset and take advantage of the economic dynamism of Dublin, while respecting the prudent and selective diversificat ion approach that we have applied for more than thirty years now on all of our real estate funds,” he said.

Fitzwilliam Hall, formerly home to Bank of Ireland, is now fully occupied by Glandore, a family owned Irish firm which offers flexible office space across Dublin, Belfast and Cork.

The investment consists of two Georgian-style buildings, comprising 2,857.5sq m for office use. The first building Fitzwilliam Hall, was built in 1985 and is divided between a basement and four upper floors, connected on each floor to the second building, 25 Fitzwilliam Place. The building also has a private courtyard and parking, and has a BER rating of B3.

BNP Paribas Real Estate acted on behalf of the purchaser while Eastdil Secured respresented the vendor.