Irish Life Investment Managers has completed the sale of an office building located in Dublin's south docklands to German investor Deka Immobilien Investment GmbH for around €164 million.
Riverside IV is a Grade A, seven-storey office building extending to approximately 133,800 sq. ft.
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.
The purchase represents another major office investment in the Irish market for Deka , one of Germany’s largest providers of property funds, who have been one of the most active core investors in Ireland in recent years.
"Riverside 4 has generated an excellent return for our investors following significant value add lease restructuring," said Martin O'Reilly, Head of Property at Irish Life Investment Managers.
"This competitive off market sale process and strong pricing demonstrates strong market liquidity and confidence in the outlook for commercial property in Dublin," he added.