Patrizia invests €60m in Dublin smart office

  • October 17, 2022
  • Steve Rogerson

German real-estate company Patrizia has invested circa €60m on behalf of its institutional clients in a smart office building in Dublin.

The Eight Building is a sustainable grade A office scheme in Dublin 8’s Liberties area, the city’s booming creative and tech district.

Supporting Patrizia’s sustainability strategy, it has been developed to Leed Gold and WiredScore Platinum standards, ensuring operational efficiency, a reduced carbon footprint and low running costs, as well as a digital infrastructure.

“Despite the current economic uncertainty in Europe, we believe the global megatrend of digitalisation is only accelerating,” said Phil Irons, managing director for transactions and fund management at Patrizia. “Cities like Dublin boast strong digital infrastructure and need well-connected, smart buildings. For Patrizia, as a key enabler of smart cities and smart buildings, investing in the Eight Building in this rapidly growing tech hub of Dublin, was an opportunity too good to miss.”

Dublin ranks 39th in Patrizia’s European City Pulse index which measures 142 cities in western Europe based on a combination of market fundamentals and location quality factors, as well as the innovative capacity and connectivity of each city.

“It’s not surprising that Dublin features in the top third of our European city ranking, and with this latest investment we have now grown our AUM in Dublin close to €830m,” said Irons. “An important factor for the city’s success is its world-class fibre optic network connectivity as an early adopter of 5G in 2019, and Dublin ranks 16th for market fundamentals. The city’s population of circa 1.4m is forecast to grow to 1.8m by 2036 as it continues to be a magnet for international firms, a growing student population and highly skilled workers.”

The Eight Building site had originally been acquired by funds advised by Ekistics Property Advisors and had been developed by Revelate Capital and Valorem Investment Partners. Completed in 2021, the building features ground floor retail space and has a total NIA of circa 7340 square metres, spanning five floors.

The building is fronting onto Newmarket Square, known as the centre of Dublin’s traditional brewing and distilling industries. Over the past few years, this well-connected area has been undergoing a transformation driven by the development of student housing, residential and commercial facilities alongside the restoration and upgrading of the area’s historic infrastructure.

Patrizia was advised by Knight Frank and A&L Goodbody.

With operations around the world, Patrizia has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. It manages more than €56bn in assets and employs over 1000 professionals at 28 locations worldwide.