German investor Deka Immobilien Investment has completed the purchase of Block A, Riverside IV in Dublin – a prime office building located in Dublin’s south docklands – from Irish Life Investment Managers for a price in the region of €164 mln.
Riverside IV is a Grade A, 7-storey office building extending to 133,800 sq. ft (12,430 m2). The building was originally designed by RKD Architects and developed in 2007.
The building is fully occupied by Matheson, Ireland’s largest law firm, who committed to a new long-term lease in April 2020.
Riverside IV is situated in a prime waterfront position in Dublin’s South Docklands with over 65 metres frontage to the River Liffey.
Martin O’Reilly, head of Property at Irish Life Investment Managers commented, ‘Riverside 4 has generated an excellent return for our investors following significant value add lease restructuring. This competitive off market sale process and strong pricing demonstrates strong market liquidity and confidence in the outlook for commercial property in Dublin. We remain committed to the market and continue to increase exposure to city centre offices by way of our development pipeline, which includes 70 St Stephens Green and Cadenza on Earlsfort Terrace.’