Manova Partners and Mapfre acquire Dublin office property

Munich-based real estate investor Manova Partners and Spanish insurance company Mapfre have jointly acquired the One Haddington Buildings office property in Dublin.

One Haddington - Manova Partners

This fully leased, Grade A office building was purchased for their Stable Income European Real Estate Fund 2 (SIEREF 2).

Built in 1995 and extensively renovated in 2022, the property boasts strong sustainability credentials, including an A3 BER rating and Nearly Zero Energy Building (NZEB) status. Located strategically on Haddington Road in Dublin's Central Business District (CBD), the four-story building offers approximately 3,800 m2 of rentable space and 23 parking spaces.

Its appeal to corporate tenants is enhanced by excellent public transport links (Luas tram, rail, bus) and immediate access to numerous amenities like restaurants, bars, and fitness centres. The building is fully occupied by four diverse tenants on long-term leases, ensuring a stable income stream.

Christian Göbel, co-CEO at Manova Partners, stated: “With One Haddington Buildings, we are acquiring a future-proofed and ESG-compliant office property in one of Dublin's most established office locations. The property impresses with its high-quality tenancy and attractive yield. With this acquisition, we continue our current anticyclical investment strategy to expand our office portfolio in prime locations.”

Laetitia Treves, head of Transactions Europe at Manova Partners, commented: “We believe now is an opportune moment in the cycle to invest in the Dublin office market, which has significantly re-priced with growing momentum in the leasing market. One Haddington Buildings is a quality Grade A office in a vibrant location in Dublin, providing an attractive yield profile compared to other European cities.”

Carlos Díaz Gridilla, managing director at Mapfre Inmuebles, added: “An acquisition like One Haddington Buildings fits perfectly into Mapfre’s real estate strategy, which prioritises investment in high-quality office buildings in prime locations that can provide a stable source of income over the long term. Our investment strategy in alternative assets has proven successful in recent years, and we will continue to explore this avenue in partnership with our top-tier partners.”

SIEREF 2 is a collaborative fund advised by Manova Partners and Mapfre, with investments from various Spanish entities. Following the launch of its first fund in 2018, both funds aim to deploy Spanish institutional capital into prime European office properties outside of Spain. Dublin now marks the third market for SIEREF 2, joining existing investments in Berlin and London, and is the sixth market overall for the fund series.

The acquisition of One Haddington Buildings diversifies the fund's tenant base and enhances the overall portfolio's stability through its reliable income stream. The strategy moving forward is to utilise the remaining capital to further broaden the portfolio's market exposure and stagger lease expiry dates, to fully invest SIEREF 2 within the next 12 to 18 months.