Fine Grain Property has acquired the Grade A Connaught House office building on Burlington Road in Dublin for an undisclosed sum.
The acquisition closed at below the €80m asking price and represents a net initial yield of more than 7.5%.
The seven-storey property provides 116,000 sq ft of lettable space and its tenant line up includes CBRE, Alkermes Pharma, Philip Lee and Macquarie. The building is currently 86% occupied and has a WAULT of four years to the next break.
Working in collaboration with the building occupiers, Fine Grain intends to invest €10m to reposition Connaught House as a best-in-class sustainable workplace.
Kevin Mahony, chief financial officer of Fine Grain Property, said: “This deal underscores Fine Grain’s commitment to transforming well-located assets into best-in-class sustainable workspaces housing global occupiers while generating superior returns for our investors.”
