IPUT Real Estate, the biggest office landlord in Dublin, has raised €175m in new equity from CBRE Investment Management Indirect Strategies to continue to grow its prime Dublin office portfolio.
IPUT's office portfolio comprises 30 assets of over 2 million square feet, all of which is in Dublin's City Centre.
Its recently award winning 600,000 square feet office development at Wilton Park is home to global names such as LinkedIn, Stripe and EY.
The company also has a ready-to-go development pipeline with the capacity to accommodate over €500m of investment, all of which is part of its ambition to expand its Grade A+ office portfolio.
CBRE IM is already an investor in IPUT and was a launch investor in the IPUT Nexus Logistics Fund last year.
CBRE IM and the Ireland Strategic Investment Fund (ISIF) invested a combined €115m in the Nexus Fund.
The capital raised from CBRE IM marks the first step in a planned €500m expansion of IPUT’s prime office portfolio in Dublin city centre.
It plans to double its lifestyle-led flexible leasing platform Studio and by the end of this year, its Studio flexible leasing brand will have expanded to close to 200,000 square feet across 18 locations.
It also intends to start the development of its 350,000 square feet city centre office development pipeline.
This comprises two city centre landmark office sites at Earlsfort Terrace and Harcourt Street, both of which have attractive and operable planning permits in place.
Niall Gaffney, IPUT's CEO, said the fact that CBRE IM is increasing its investment in IPUT by a further €175m million is a testament to the company's workplace investment strategy, which generates market-leading returns through the cycle.
"We offer exposure to the prime end of the real estate market in a eurozone gateway city that continues to outperform its peers across the continent," Mr Gaffney said.
"As we enter the growth phase of the next real estate cycle, we are proud to have strengthened our relationship with CBRE IM," he said.
"We have the capacity to deploy over €500m across our development pipeline, and this new investment provides the capital to kick-start that programme. This will enable us to continue to deliver market-leading, amenitised workplaces to occupiers in the under-supplied prime Dublin office market," he added.
Nathalie Bruijn, Director - Investment Management, CBRE IM, said the company is committed to the prime end of the Irish real estate market and are long-standing investors in IPUT with strong conviction in their investment strategy and team.
