Ardstone acquires 2 Harbourmaster Place, IFSC and Block P2 EastPoint Business Park for Ardstone Value Partners

Ardstone Capital, the private investment manager, has acquired two more assets for Ardstone Value Partners (AVP), its joint venture with CBRE Global Investment Partners (“CBRE GIP).

AVP has acquired 2 Harbourmaster Place, IFSC, Dublin 1, for €37.85m in an off market transaction. 2 Harbourmaster Place, which extends to 61,012 square feet, is a very high profile multi-let office property located in the Irish Financial Services Centre (IFSC), one of Dublin’s principal business districts. The office block sits at the main entrance to the IFSC immediately adjoining Connolly DART and main line rail station and the LUAS redline interchange, making it one of the most accessible locations in Dublin City Centre. The property was originally let to McCann Fitzgerald, who moved out in 2006. It is now let to high profile tenants such as KPMG, Wells Fargo, Bank of Montreal, Kleinworth Benson, Aspen Reinsurance and United Health Group. The average rent in the building is €35 psf; these rents are likely to see an increase in line with the rental growth in the market for such prime office buildings. purchase price reflects a net initial yield of 5.4% and a price of €620 per square foot. Other recent transactions in the IFSC have achieved €650 to €800 per square foot.

Bannon’s acted for Ardstone and JLL acted for the vendor.