French investor pays €18m for prime D4 office building

French investor Sofidy has made its third significant investment in the Irish office market since July 2021, paying about €18 million for Fleming Court in Dublin 4.

The Paris-headquartered real estate investment manager's latest acquisition comprises a contemporary five-storey block located just off Mespil Road. Developed originally in 2001 and modernised in 2015, the building, which extends to 2,729sq m (29,375sq ft), is occupied by seven tenants in total including Signal Education, UK wealth management group St James Place International and Sparkasse Bank Malta.

While the property had been generating about €883,000 in annual rental income for outgoing owners, Abrdn, from its existing tenant line-up, there is potential to grow this amount to about €1.45 million per annum once the building is fully let. Some 954sq m (10,269sq ft) of the property's office accommodation is available to let currently.

Agent TWM handled the sale while BNP Paribas Real Estate acted on behalf of the purchaser.

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News of the Mespil Road deal comes just two months on from Sofidy’s acquisition of Fitzwilliam Hall, a prominent office building located at nearby Leeson Street Bridge. The company acquired the building from the private equity real estate manager, Henderson Park, which has its headquarters in London. At a purchase price of €30.35 million, the purchase represented a net initial yield (NIY) of 4.2 per cent.

In July 2021, Sofidy entered the Irish office market with a deal to acquire 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.

Sofidy is a French-based private real estate investment company with assets under management of more than € 7.6 billion, wholly owned by Tikehau Capital.