Deka Immobilien acquires office building in Ireland

Deka Immobilien has purchased an office building in Dublin for EUR 164 million. The Irish Life Assurance plc was the seller. It is to be added to the portfolio of the WestInvest ImmoValue fund which is designed for institutional investors.

The property "Riverside IV" was completed in 2007 and offers a leasable area of around 12,500 sqm and 85 parking spaces. It is fully leased on a long-term basis to Ireland's largest law firm Matheson, and is its global headquarters. The property is located in the center of Dublin in the South Docks submarket. In recent years, the Docklands area has become a prime location for modern, large-scale offices, with many banks, financial services firms, law firms and technology companies locating here.

With this purchase, the fund management of WestInvest ImmoValue is completing its market entry in Ireland and diversifying its portfolio with a high-quality property that promises stable long-term income.

Photo: Matheson