Phoenix House in Dublin 8 has been sold to a private Irish investor for €16m by Henley Bartra, the joint venture between Henley, the global private equity real estate investor, and Bartra Capital, the Irish development group.
The asset was acquired by Henley Bartra in 2018 from Ryanair. Henley Bartra invested over €1m in a comprehensive refurbishment and upgrade of the building. Three of the five floors were vacant when purchased and the JV subsequently let the remaining floors to the State’s Office of Public Works (OPW) on a new 10-year lease. The result was a world class office facility, in a premium Dublin city location, fully let to the Irish State’s Office of Public Works.
Justin Meissel, Chief Investment Officer of Henley, said: “This sale represents the culmination of our joint business plan for the property, having successfully implemented the value-added asset management opportunities established when it was acquired. We remain opportunistically focused on further investment in the Irish capital, in collaboration with our on the ground partner, Bartra, with a focus on attractive off-market acquisitions in Dublin that can provide compelling risk-adjusted returns for our investors.”
The location of the property opposite The Phoenix Park and adjacent to the Heuston Gateway has seen a surge in activity in recent years from both occupiers and investors. The location is favoured by state and semi state occupiers who are attracted by its accessibility to both the city centre and the M50. Transport infrastructure is second to none with the Red Line LUAS and mainline rail station within a few minutes’ walk, and the building itself benefiting from 61 car parking spaces.
Henley Bartra seeks to identify value added asset management opportunities and this transaction is one where they identified and successfully implemented a defined business plan to enhance value. Other acquisitions which they have completed include the purchase of two modern office parks and data centres in Ireland for approximately €125 million. The acquisitions in Citywest, Dublin and Cork Airport Business Park total nearly 500,000 sq ft of space.
Bartra’s Commercial Real Estate Director, Paul McGrath, added: “Despite these unprecedented times Henley Bartra is very much open for business, with all our services fully operational. We are committed to continuing to provide a world class service to our investors and we are hungry for further opportunities to expand in the Irish market.”
Sean O Neil and Patricia Ward of TWM acted on behalf of Henley Bartra in relation to the sale of Phoenix House and acted on their behalf in the acquisition of the asset.