Ardstone Capital, the private investment manager, has entered into a second joint venture with CBRE Global Multi Manager (“CBRE GMM”).
They have completed the equity raise for its Irish investment strategy and acquired Fleming Court, Mespil Road, Dublin on behalf of its Ardstone Value Partners Fund.
The 29,800 sq ft multi-let office building was built in 2002 and is let to six tenants including Beachcroft Solicitors, Kennelly Tax Advisors and St James Place plc who benefit from bright, flexible and easily dividable floor plates. The building is extremely well located in the popular Burlington sub-market; Sky TV, Amazon, Bank of Ireland and Twitter are all located in the immediate vicinity.
The off market deal was agreed and completed before the asset was due to come to market and is the third acquisition that Ardstone has made in Dublin since March 2013. Ardstone avoided the Irish property market during the last cycle, preferring to focus on the UK and European markets.
The Fund is targeting office, retail and industrial assets, primarily in Dublin, which offer value-add returns to institutional clients of CBRE GMM.
Donal O’Neill of Ardstone commented “We are delighted to team up with CBRE GMM again to execute our Irish strategy. This asset is located in a highly sought after market, which has seen significant investment and letting activity recently. Fleming Court is very well rented at current market rents and gives our Fund a 7% annual income return.
We also see great asset management potential to improve the asset which will not only add value to the property but will benefit our tenants in the long-term.
We are buying into the beginning of the rental growth cycle in Dublin and we hope to add further investments to this one very soon.”
Jeremy Plummer, CEO of CBRE GMM said: “We see great opportunities in the Irish market and are pleased to have joined up with Ardstone again who are able to find quality, off-market deals like Fleming Court. They have the know-how in the Irish market which is consistent with our approach of investing with local specialists.”