Sale of Dublin’s The Reflector finally closes

Deka Immobilien has completed the acquisition of The Reflector office building in Dublin for €153 mln, a yield close to 4.3%.

The deal’s closure comes a year after Michael Cotter’s Park Developments first put the 11,500 m2 building on the market through CBRE and Savills.

The Dublin Docklands development, which is Airbnb’s new Irish headquarters, attracted several bids that were higher than Deka’s, at around €157mln-€158 mln.

The sale was the talk of the Dublin office market for a while as the top three competing bidders, which are believed to have included German asset manager Wealthcore and Korean securities house Hana Financial, dropped out one after the other.

Deka said it has bought the property, which has Gold LEED certification, for its new open-ended fund Deka-ImmobilienMetroplen which began distribution this year. The Reflector’s income is approximately €7 mln pa.

Deka’s new fund is aimed exclusively at retail investors and will make currency-hedged investments world-wide in commercial assets in growing metropolitan areas.

It is Deka’s first office investment in Dublin this cycle but the German fund manager has been buying hotels in the city. Last year Deka paid about €130 mln for the five-star Marker Hotel which is very close to The Reflector in Grand Canal Dock.

In 2017, Deka spent €87 mln on the four-star Gibson Hotel in north docklands, shortly after acquiring the former Burlington Hotel in Dublin 4 from Blackstone for €182 mln.


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