German global real estate investment group Deka Immobilien has acquired the Reflector office building on Hanover Quay in Dublin's south docklands for around €155 million.
While Deka’s purchase of the property represents its first foray into the Dublin office market, the deal brings its overall investment in the capital over the past three years to €554 million.
Up to now, the German fund had been focusing on the city's hotel sector exclusively. Outside of its acquisition of the Reflector, Deka is currently in the process of acquiring the five-star Marker Hotel at nearby Grand Canal Dock for about €130 million. In 2017, the company paid €87 million for the four-star Gibson Hotel at Point Square in Dublin's north docklands, while in 2016, it paid US private equity giant Blackstone €182 million to secure ownership of the former Burlington Hotel in Dublin 4.
When the Reflector building was brought to market last February by joint agents Savills and CBRE, upwards of 20 parties expressed their interest in acquiring the property. In recent weeks, several parties other than Deka Immobolien have been linked with its potential purchase including German asset manager Wealthcore and South Korean bank holding company, Hana Financial Group.
Completed by Michael Cotter's Park Developments in 2018, the Reflector is a six-storey over-basement building comprising 11,250 sq m of office space and 329 sq m of retail space, with 34 car parking spaces. The property is producing annual rental income of around €7 million from several tenants, including Airbnb, LogMeIn and web designer Wix.
