Press Release
Deka Immobilien anti-cyclically acquires an office building in Ireland
Frankfurt, 10.05.2024
Deka Immobilien has acquired a high-end office building in Dublin's historic centre for around EUR 37 million. The property is in close proximity to the prestigious Trinity College, Grafton Street – Dublin's main shopping street – and St Stephen's Green city park, and also boasts very good public transport connections. The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect, and is being sold by an institutional investor.
The property on 40 Molesworth Street was built in 1979 and underwent a high-quality core refurbishment in 2017. It comprises around 3,100 sqm of leasable space and 21 parking places. The property has received Leadership in Energy and Environmental Design (LEED) Gold certification. The property is fully leased on a long-term basis to two tenants with high credit ratings. The main tenant is the global corporate law firm DLA Piper Ireland Services Ltd, with the property serving as the base for their Irish headquarters.
With this anti-cyclical purchase, the fund management of WestInvest InterSelect has secured a high-quality property in the prime location of Dublin's historic centre at attractive economic terms.
About Deka
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of EUR 381 billion (as at 31/12/2023) and 5.5 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
The Deka Group's global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 50 billion (as at 31/12/2023) in real estate assets.
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