Singapore-based Mapletree Investments has acquired an eight-storey office building in Dublin, its first real estate purchase in the Irish capital.
Comprising 210,000 sq ft, The Sorting Office is located in the heart of Dublin’s “Silicon Docklands”. Due for completion in November this year, it was bought off Irish developer Marlet Property Group.
Mapletree – which operates four Singapore-listed real estate investment trusts and six private real estate funds – said the acquisition was part of a strategy to diversify earnings in “scalable and developed markets”.
Mapletree has focused on building a portfolio of European grade A office properties and, to date, it has invested around 2.3 billion Singaporean dollars (€1.5 billion) in four offices and one business park in the UK, as well as a suburban office building in Munich, Germany, and also in Warsaw, Poland.
The Dublin acquisition is situated on a site of around 60,278 sq ft, the property will offer various amenities such as 24 underground car park lots.
As of March 2019, Mapletree had 55.7 billion Singaporean dollars in assets under management including office, retail, logistics, industrial, residential and lodging properties.
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