Investment Managers
Sienna Investment Managers’ (Sienna IM) Real Estate team has advised SCPI Transitions Europe, managed by Arkéa REIM, on the acquisition of Plantation House an office building situated on Herbert Street, Dublin 2, Ireland. This marks Transitions Europe’s first acquisition in Ireland, and its fifth transaction advised by Sienna IM this year.
Comprised of c.1,248 sqm of office space spread over four floors, the building is let to Windmill Lane Pictures Limited on a long term lease. Plantation House is located in the heart of the city centre, nestled in the historic Georgian quarter and Central Business District. The property is ideally situated for public transport access, with the DART, commuter rail, LUAS, and various bus routes only a short walk away.
Of this historic deal for Sienna IM, Chris Rees, Co-Managing Director UK – Real Estate, says: “We are delighted to have advised Transitions Europe on its first acquisition in Ireland. It is an important step for the fund and we are excited to be already working on further opportunities in the Irish market.”
Arthur Debaere, Head of Acquisition Ireland – Real Estate adds: “Ireland’s positive demographics and low unemployment rate provide a solid economic base combined with resilient demand for quality office space. At the same time, we see an opportunity to achieve attractive yields with the repricing of the office segment.”
SCPI Transitions Europe/Arkéa REIM was advised by Sienna IM (investment management), A&L Goodbody (legal & tax), Colliers (agent), Mazars (Tax), and Logical (technical & environmental).
The vendor, Aviva Life & Pensions Ireland DAC was advised by Savills (agent) and William Fry (legal).