Investor buys fully let offices in capital for 'around €20m'

Prime location: The Wythe Building is in one of the most popular districts in Dublin

Donal Buckley

Leading Cities Invest, part of the KanAm Grund Group, has acquired the fully let Wythe Building on Cuffe Street, the street that links St Stephen's Green and Wexford Street in Dublin 2.

The Wythe Building is a six-storey grade A office building extending to 1,617 sq m, which was completed in May this year by an Irish developer Avam Limited.

The sale was handled jointly by CBRE and Savills while GVA Donal O Buachalla acted for the purchaser. They declined to comment on a report that the sale price was around €20m.

Wythe is occupied by four tenants and generates about €950,000 in annual income with rents ranging between €55 and €57.50 per sq ft.

The main lessee is Young Advertising Limited, a subsidiary of Havas Ireland Limited whose communications business includes digital advertising, corporate communication, sport marketing, interactive multimedia communication, PR services and innovation consulting.

Other tenants are: Priceline Booking (Ireland), a 100pc subsidiary of Booking Holdings; Fidelis Insurance Ireland DAC, a regulated insurer; and Hitachi Vantara (Ireland) Limited, a global provider of data storage systems.

Leading Cities Invest has started a new cash call to investors and is open for deposits. Its target return in 2019 is once again 3pc for the year.

With a portfolio that now amounts to 29 properties, the firm has invested in 20 locations in eight countries: Germany, Belgium, France, the United Kingdom, Switzerland, Poland, Spain and Ireland.

The KanAm Grund Group has handled a transaction volume of over $33bn since it was established in October 2000.

The owner-managed company focuses on the individual needs of German and international investors, with the geographical emphasis being in Europe and the United States.

Explaining its reason for choosing the Dublin office building, a spokesperson said: "Ireland, and in particular its capital Dublin, has developed radically in recent decades to become an open export economy.

"US companies in particular have chosen to locate in the European Economic Area through Dublin as reflected in the European headquarters of many multinationals such as Pfizer, Google, Facebook and Microsoft."

The Wythe Building is located close to the city centre and City Hall is only about 1km from the property. It is in one of the most important and popular districts in Dublin, which is notable for the numerous hotels, pubs, gyms, parks and concert venues in the direct vicinity.

Camden Street, Harcourt Street and Grafton Street are all popular with shoppers and can be easily reached on foot by pedestrians.

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