German investor Patrizia has paid €60 million for the Eight Building, a newly developed office and retail building at Newmarket Square in Dublin’s Liberties.
The purchase brings the overall value of the fund’s Dublin portfolio to €830 million in assets under management. Acquired originally by funds advised by Ekistics Property Advisors LLP, the Eight Building site was developed by Revelate Capital and Valorem Investment Partners.
Completed in 2021, the building which fronts on to Newmarket Square, has a total of 6,967 sq m (75,000 sq ft) of grade-A office accommodation, along with several artists’ studios, and 603 sq m (6,500sq ft) of food market space. Designed by Reddy Architecture + Urbanism, it LEED Gold1 and WiredScore Platinum Standard2 certifications ensuring operational efficiency, a reduced carbon footprint and low running costs, and leading digital infrastructure.
Commenting on the acquisition, Phil Irons, managing director for transactions and fund management at Patrizia UK & Ireland, said: “Despite the current economic uncertainty in Europe, we believe the global megatrend of digitalisation is only accelerating. Cities like Dublin boast strong digital infrastructure and need well-connected, smart buildings.
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“For Patrizia, as a key enabler of smart cities and smart buildings, investing in the Eight Building in this rapidly growing tech hub of Dublin, was an opportunity too good to miss.”
Dublin ranks 39th in Patrizia’s European pulse index which measures 142 cities in western Europe based on a combination of market fundamentals and location quality factors, as well as the innovative capacity and connectivity of each city.
“It’s not surprising that Dublin features in the top third of our European city ranking and with this latest investment we have now grown our assets under management in Dublin close to €830 million,” Mr Irons said.
Patrizia was advised on its purchase by Knight Frank and A&L Goodbody LLP.
