Blackstone Picks Up Twin Office Buildings in Dublin
- Dec 18, 2014
Blackstone Real Estate Partners Europe IV, which closed earlier this year with approximately $7 billion in commitments, has increased its presence in Ireland with the acquisition of the Atrium buildings, two premier office structures in Sandyford, in Dublin’s south suburbs. BREP Europe IV acquired the buildings, totaling 346,000 square feet, from a group of private investors led by real estate executive Pat Gunne. The price tag: €100 million, or approximately $122 million.
BREP Europe IV is quite keen on Ireland. “We believe in the Irish economy and that it will strengthen further in the years ahead,” a spokesperson for the fund told Commercial Property Executive.
The twin six-story towers first opened their doors in 2001, and today they are well known for their tenancy. Microsoft maintains its European operations center there, and Salesforce has offices at the property as well.
Commercial real estate services firm JLL represented the seller in the transaction, while BREP Europe IV relied on the assistance of CBRE Ireland.
BREP Europe IV certainly has ample euros to play with and the fund apparently picked this month to go on a shopping spree. Since the beginning of December, BREP Europe IV has also acquired a five-property logistics portfolio in the Lisbon area of Portugal; five retail assets, also in metropolitan Lisbon; and 14 retail assets in the Netherlands. “We have been major investors throughout Europe, notably in Ireland, the U.K., Spain, France, Germany and Italy this year and expect that to continue,” the spokesperson added.
It’s been a busy month all around for Blackstone. On Dec. 1, the global investment and advisory giant announced that funds affiliated with Blackstone Real Estate Partners VI & VII would sell Indcor Properties, their U.S. industrial platform, for $8.1 billion. One week later came news that Blackstone Real Estate Partners V and VI had entered into an agreement to sell Equity Office Properties’ San Francisco Peninsula and Silicon Valley portfolio for $3.5 billion. And earlier this week, Blackstone’s Tactical Opportunities Fund formed a partnership with City Developments Ltd. and CIMB Bank Berhad to develop a $1.2 billion cashflow participation platform involving CDL’s mixed-use Quayside Collection portfolio in Singapore.