Wealthcore Acquires Reflector Building for Reported €155m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 16/09/2019

Wealthcore Acquires Reflector Building for Reported €155m

CNI Editor reports

German asset manager Wealthcore is understood to have finally seen off competition from a number of international investors to clinch the acquisition of Dublin’s Reflector building, which was put on the market earlier this year with a €155m price tag.

The sale of the building had drawn strong interest from a number of potential purchasers.

It’s not clear yet if Wealthcore has teamed up with South Korea’s Hana Financial Group, which earlier this year was reportedly in advanced talks to buy the property.

Last month, the pair partnered with other investors to buy the Hilton Parkview hotel in Vienna for €370m. Wealthcore bought it with Mastern Investment Management, which acted on behalf of Hana Financial Investment, Meritz Securities and NH Investment & Securities.

Munich-based Wealthcore, which is headed by CEO Christoph Wendl, did not respond to requests for comment.

The sale of the Reflector marks one of the biggest property sales in Ireland this year.

The Reflector – completed in 2018 by Park Developments – is located in the heart of Dublin’s Silicon Docks, with extensive water frontage. The property’s tenants include Airbnb, which started its lease at the premises this year. Its other tenants include Wix and LogMeIn.

Airbnb has a 20-year lease with an 11-year break option. It’s paying €2.37m a year in rent. Dublin serves as the global letting firm’s European headquarters.

It has taken about 42,000 sq ft of the total 124,000 sq ft of office space available at the Reflector.

Park Developments, controlled by Michael Cotter, acquired the site on which the Reflector is built in 2004. Construction of the office began in 2016. It also includes 40 apartments, which were offered for sale separately.

The building is at the core of Dublin’s tech and financial hub. Its sale to Wealthcore signals the continuing strong international interest in Dublin’s property market, and especially its core business district office and residential developments.

Earlier this year, Pat Crean’s Marlet Property Group sold the firm’s Charlemont Exchange office scheme to South Korean fund Vestas Management for €150m. The development comprises four redeveloped blocks which were fully let by WeWork.

The flexible office space lessor then secured a deal with Amazon, with the internet giant becoming the scheme’s anchor tenant.

REF Irish Independent