Henley Bartra, the joint venture between global private equity real estate investor Henley and Irish development group Bartra Capital, is looking to take advantage of the current market displacement in the Irish capital with targeted investments of over €200 mln, Henley’s chief investment officer Justin Meissel told PropertyEU.
‘We will continue to pursue high-quality income from office, industrial, logistics and residential investments we identify and, taking into account the current market displacement in Dublin, are targeting an investment volume of €200 mln+ over the next 18 months,’ Meissel said, commenting on the group’s investment strategy.
He added: ‘We remain opportunistically focused on further investment in the Irish capital, in collaboration with our on the ground partner, Bartra. Our focus is on attractive off-market acquisitions in Dublin that can provide compelling risk-adjusted returns for our investors, such as distressed opportunities where there is significant value-add, whether that is through refurbishment, re-tenanting or redevelopment.’
Last month the joint venture sold Phoenix House in Dublin 8 to a private investor for €16 mln.
The asset had been acquired by Henley Bartra in 2018 from Ryanair and since then the partners invested over €1 mln in a comprehensive refurbishment and upgrade of the building. Three of the five floors were vacant when purchased and the JV subsequently let the remaining floors to the Irish State’s Office of Public Works (OPW) on a new 10-year lease.
‘This sale represents the culmination of our joint business plan for the property, having successfully implemented the value-added asset management opportunities established when it was acquired,’ Meissel said.
Other transactions which they have completed include the purchase of two modern office parks and data centres in Ireland for €125 mln. The acquisitions in Citywest, Dublin and Cork Airport Business Park total nearly 500,000 sq ft of space.