Mapletree acquires its first office building in Dublin

Mapletree Investments Pte Ltd has entered into a forward purchase agreement to acquire an eight-storey office building comprising approximately 210,000 square feet of net internal area, known as The Sorting Office. This will be Mapletree’s first office acquisition in the Irish capital and is consistent with the Group’s strategy of diversifying earnings in scalable and developed markets. The vendor is Marlet Property Group, an Irish property developer.

Mr Michael Smith, Regional Chief Executive Officer (“CEO”), Europe and USA said, “We are excited about this opportunity as we have been exploring the Dublin office market for a few years, attracted by the robust tenant demand that has been driven by the city’s strong focus on information and communication technology. As such, we truly believe in this market and are confident that The Sorting Office will be well sought after – particularly as it is the only 150,000+ sq ft office building to be completed in the South Docklands area in the coming year. It is therefore no surprise that strong pre-let enquires have and will continue to be generated.”

Strategically located in the heart of Dublin’s Silicon Docklands, the South Docks of the Docklands Strategic Development Zone, the property is due for practical completion in November 2019. The area is recognised as a thriving business district, attracting a diverse mix of tenants in the technology, financial, legal and professional services sector. In addition, the property is well connected, being located within minutes from the Busáras Central Station, Spencer Dock LUAS Station and Pearse Street Dublin Area Rapid Transit station.

Situated on a site area of approximately 60,278 sq ft, the property boasts large and regular floor plates with flexible design allowing for vertical and horizontal divisions. Additionally, the property will enable tenants to work and socialise across collaboration spaces and terrace areas. It also offers 318 bicycle parking and 24 underground car park lots. Furthermore, the property is well served by an existing segregated cycle track with Coca-Cola Zero Dublin Bike stations located along the R801/North Wall Quay route. Other attractive features of the property include its sustainable qualities reflected in its LEED platinum rating and Building Energy Rating of A3.

Mr Pat Crean, CEO of Marlet commented, “The Sorting Office is an outstanding development in the heart of Dublin’s South Docklands and represents the very best of Irish design and construction. We are delighted that The Sorting Office will be Mapletree’s first investment in Ireland, further enhancing their growing portfolio in Europe. We look forward to other transactions and cooperations in the near future.”

To date, Mapletree has invested approximately S$2.3 billion in four offices and one business park in the United Kingdom as well as a suburban office building in Munich, Germany. The Group has also recently added an office building in Warsaw, Poland to its portfolio in May 2019.

Going forward, the Group will continue to build its portfolio of European Grade A office properties, in highly liquid, developed markets with attractive yield spreads and anchored by strong economic and property fundamentals.