Manova Partners, an international independent real estate investment company headquartered in Munich, and Mapfre, Spain’s largest insurance company, have acquired the fully let Grade A office property One Haddington Buildings in Dublin for the stable income European Real Estate Fund II (SIEREF II). The building was constructed in 1995 and extensively modernized in 2022. It meets high sustainability standards and has a BER rating of A3 and the status of a Nearly Zero Energy Building (NZEB).
Christian Göbel, Co-CEO, Manova Partners: “With One Haddington Buildings, we are acquiring a future-proof and ESG-compliant office property in one of Dublin’s most established office locations. With this acquisition, we are continuing our current countercyclical investment strategy, with which we are expanding our office portfolio in prime locations.”
The property is located on Haddington Road in Dublin’s Central Business District (CBD) and comprises four floors with around 3,800 square metres of lettable space and 23 parking spaces. The property is fully let on a long-term basis. The property is leased to four tenants from different sectors. The property is excellently connected to the Luas tram network, rail transport and the bus network and is surrounded by high-quality restaurants, bars and fitness facilities.
Laetitia Treves, Head of Transactions Europe, Manova Partners: “With this transaction, we are securing high-yield and fully stabilized cash flow in a market that is projected to deliver high total returns in Europe by 2030. Dublin convinces us with its strong economic dynamism, high demand for modern office space and an attractive yield profile compared to other European countries.”
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles: “An acquisition like One Haddington Buildings fits perfectly with Mapfre’s real estate strategy, which focuses on investing in high-quality office buildings in prime locations that provide a stable source of income in the long term. Our investment strategy in the alternative asset space has proven its worth over the past few years and we will continue to pursue this path together with our world-class partners.”
SIEREF II is a fund jointly advised by Manova Partners and Mapfre, which is specifically tailored to Spanish investors. The first fund in the series was launched in 2018 and both funds aim to invest institutional, Spanish capital in European core office properties outside Spain. The capital commitments for SIEREF II have been completed. The fund is in the investment phase. Dublin is the third market in the portfolio after Berlin and London and the sixth market in the series. The property expands the tenant mix of the portfolio and contributes to the stability of the overall portfolio with its income profile. The plan is to use the remaining capital to further diversify the markets and lease expiry times and thus fully invest the second fund within the next 12 to 18 months.
Manova Partners, an international independent real estate investment company headquartered in Munich, and Mapfre, Spain’s largest insurance company, have acquired the fully let Grade A office property One Haddington Buildings in Dublin for the stable income European Real Estate Fund II (SIEREF II). The building was constructed in 1995 and extensively modernized in 2022. It meets high sustainability standards and has a BER rating of A3 and the status of a Nearly Zero Energy Building (NZEB).
Christian Göbel, Co-CEO, Manova Partners: “With One Haddington Buildings, we are acquiring a future-proof and ESG-compliant office property in one of Dublin’s most established office locations. With this acquisition, we are continuing our current countercyclical investment strategy, with which we are expanding our office portfolio in prime locations.”
The property is located on Haddington Road in Dublin’s Central Business District (CBD) and comprises four floors with around 3,800 square metres of lettable space and 23 parking spaces. The property is fully let on a long-term basis. The property is leased to four tenants from different sectors. The property is excellently connected to the Luas tram network, rail transport and the bus network and is surrounded by high-quality restaurants, bars and fitness facilities.
Laetitia Treves, Head of Transactions Europe, Manova Partners: “With this transaction, we are securing high-yield and fully stabilized cash flow in a market that is projected to deliver high total returns in Europe by 2030. Dublin convinces us with its strong economic dynamism, high demand for modern office space and an attractive yield profile compared to other European countries.”
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles: “An acquisition like One Haddington Buildings fits perfectly with Mapfre’s real estate strategy, which focuses on investing in high-quality office buildings in prime locations that provide a stable source of income in the long term. Our investment strategy in the alternative asset space has proven its worth over the past few years and we will continue to pursue this path together with our world-class partners.”
SIEREF II is a fund jointly advised by Manova Partners and Mapfre, which is specifically tailored to Spanish investors. The first fund in the series was launched in 2018 and both funds aim to invest institutional, Spanish capital in European core office properties outside Spain. The capital commitments for SIEREF II have been completed. The fund is in the investment phase. Dublin is the third market in the portfolio after Berlin and London and the sixth market in the series. The property expands the tenant mix of the portfolio and contributes to the stability of the overall portfolio with its income profile. The plan is to use the remaining capital to further diversify the markets and lease expiry times and thus fully invest the second fund within the next 12 to 18 months.
