Iroko Zen Buys Dublin Office As Ireland Retains French Appeal
French capital has continued to flow into Ireland’s office market, with two fresh deals underlining sustained appetite for well-let, sustainable assets in the country.
Iroko Zen has deepened its footprint in Dublin with the acquisition of Macken House in the International Financial Services Centre for €23M, marking the French investor’s 22nd play in the Irish market. The upgraded, fully let office building sits on Mayor Street Upper and totals 51K SF across six storeys, with 42 basement parking spaces.
The tenant roster includes Italian luxury jeweller Bulgari and media group Wireless. Virgin Media anchors a substantial ground-floor office unit, and street-level retail is fully leased to Insomnia and chemist Mulligans. The building generates €2M in annual rent, with office tenants contributing close to 90% of that income.
Following a 2023 lease regear and recent rent reviews, the asset has a weighted average unexpired lease term of 5.3 years. It has also been repositioned from a sustainability standpoint, holding a B1 building energy rating and LEED O+M Gold certification.
French investors have been active in Ireland, and in March, investor Arkéa REIM acquired Hawthorn House at Plassey Innovation Campus in Limerick for more than €16M, adding another Irish asset to its SCPI Transitions Europe fund.
Developed in 2019 by Fine Grain Property, the 50K SF office building is fully let to General Motors and Kneat Solutions. Like Macken House, it ticks the sustainability box, with LEED Gold certification and a B1 BER, alongside 199 parking spaces.
Fine Grain, which has been trading assets across the Plassey campus, was advised by Avison Young, while Arkéa REIM worked with Sienna Investment Managers and Dentons on the acquisition.
“This transaction underpins our strategy to realise value for investors while further deepening market confidence in the Limerick office sector,” Fine Grain Chief Operating Officer Darragh Lennon said at the time of the transaction.
