AXA Investment Managers – Real Assets announces that it has exchanged on the acquisition of the La Touche House office building in Dublin’s financial centre. The building was acquired on behalf of AXA IM – Real Assets’ value-add investment strategy, in partnership with BCP Capital who will act as local operating partner.
The centrally located building, dating back to 1992, comprises 96,020 sq ft of office space spread across six above-ground floors, and has been acquired fully let to 13 institutional grade tenants. La Touche House stands prominently in the middle of Dublin’s International Financial Services Centre (IFSC), with an impressive roster of major blue-chip occupiers, and benefits from excellent transport infrastructure with a LUAS tram station located immediately to its front while Connolly Station, which connects to the national railway and suburban DART line, is just a short walk away. Furthermore, the property’s city centre location means that Dublin’s wealth of leisure, dining and entertainment options are on its doorstep.
Working alongside local operating partner BCP Capital, AXA IM – Real Assets intends to pursue a value-add strategy to comprehensively reposition the asset to maximise its performance through the delivery of a high-specification core office property, that capitalises upon its central location. AXA IM – Real Assets has a longstanding track record in successfully repositioning underperforming assets with core characteristics through active asset management, with a focus on strongly performing urban sub-markets benefitting from positive structural drivers that are expected to lead to above average rental growth.
Source : Company