M7 Real Estate, the pan-European investor and asset manager, has sold an office complex on Fumbally Lane, Dublin 8 in the Republic of Ireland, on behalf of M7 European Real Estate Investment Partners IV, to BCP Fund Management DAC for a total of €33.5 million ($39.2 million).
The asset comprises a modern five-story office building with 55 underground car parking spaces and a further three-period properties, including part of a deactivated distillery, which have been recently converted into high-quality office space totaling 83,699 square feet. In addition, the site also includes four residential units totaling 4,000 square feet and a 0.4-acre development site.
Fumbally Lane is located in Dublin 8 within the vibrant area of the Liberties, an office hub for creative, media and technology businesses. The office space is occupied by a diverse range of businesses operating in the education, media, software, fashion, architecture and marketing sectors. Occupiers include Joe.ie, CMC Marketing, Adara Software, SquareUp, Ditta Eyewear, Disability Federation Ireland and the Institute of Technologies Ireland. Part of the strategy was to reposition the asset to capitalize on the growing TMT and creative sector in Dublin 8.
“The sale of our Fumbally Lane asset ahead of the anticipated exit time frame in our business plan demonstrates the strong occupational demand in the Dublin office market plus the success of our leasing strategy, which has focused on providing a quality product with an engaged occupier approach,” said John Murnaghan, head of real estate in the United Kingdom and Ireland at M7. “We have no doubt that the asset will go from strength to strength under BCP’s ownership.”
