Global investment manager AXA Investment Managers - Real Assets (AXA IMRA) has acquired the La Touche House office building in Dublin’s financial centre from Credit Suisse.
Financial details were not disclosed, however Credit Suisse placed the building on the market before Christmas with a reported guide price of €95 mln. The investment bank purchased the building for €35 mln in 2013.
The building was acquired on behalf of AXA IMRA's value-add investment strategy, in partnership with BCP Capital, who will act as local operating partner.
The centrally-located building, dating back to 1992, comprises 96,020 ft2 (9,000 m2) of office space spread across six above-ground floors, and has been acquired fully let to 13 institutional grade tenants.
Stuart Carr-Jones, head of UK & Ireland transactions at AXA IMRA said: 'La Touche House presents an exciting opportunity to reposition and modernise an office building that benefits from a fantastic central location served by excellent transport links, in an incredibly dynamic market that has low vacancy and strong demand from leading global corporate occupiers.'
Working alongside local operating partner BCP Capital, AXA IMRA said it intended to pursue a value-add strategy to reposition the asset into a high-specification core office property, capitalising on its location.