Henley has launched a €200m (£172.6m) joint venture in Dublin with Irish investment management company Bartra Capital Property Group.
The JV will target investments across Ireland, with an initial focus on the capital. The partnership has made a seed investment with the purchase of two office buildings for €15m.
Phoenix House, one of the two acquisitions, is a 38,000 sq ft office location in Dublin with a secure government income on over a third of the building. The JV will let out the vacant space after it has undergone refurbishment.
The second office is a fully let 44,000 sq ft property located in west Dublin’s Citywest Business Campus, which is already home to several global companies including Adobe Systems, Bird’s Eye, Miele and Unilever.
Ian Rickwood, chief executive officer of Henley, said:
“The Irish economy is very strong and as the UK prepares for Brexit, the Dublin market is likely to benefit further. We believe now is the time to seize on this momentum. Partnering with Bartra means we are entering Dublin in a strong position – with a stable and long-term partner that knows the domestic market inside out. Furthermore, this move continues our European expansion.”
Paul McGrath, commercial real estate director of Bartra, added:
“One of Bartra’s main business objectives is to build a commercial real estate investment proposition of real scale in Ireland. This strategic partnership announcement is the next step towards achieving this goal and we look forward to working with Henley on identifying, developing and ultimately capitalising on further commercial real estate opportunities in the Irish market”.
17th April 2018 | Article by Frances Ivens | Property Week Online
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