European property investor Patrizia has invested around €60 mln on behalf of its institutional clients in The Eight Building, a sustainable office scheme in Dublin 8’s Liberties area, the city’s creative and tech district.
The asset has been developed to Leed Gold and WiredScore Platinum Standard, ensuring operational efficiency, a reduced carbon footprint and low running costs, as well as cutting-edge digital infrastructure.
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 Eight Building features ground floor retail space and has a total NIA of circa 7,340 m2, spanning five floors.
Patrizia was advised by Knight Frank and A&L Goodbody.
Phil Irons, managing director, transactions & Fund Management UK & IE at Patrizia, said: ‘Despite the current economic uncertainty in Europe, we believe the global megatrend of digitalisation is only accelerating. 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.’
He added: ‘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 €830 mln.’