The sale of 2 Dublin Landings, a prime long-income office investment in Dublin’s North Docklands, has been completed for a price in excess of €50M, according to Savills Ireland.

The sale was completed on the instructions of James Anderson and the Deloitte restructuring team to MEAG, the German asset manager for reinsurance giant Munich Re.

Originally marketed earlier this year with a guide price of around €60M, the agreed price is expected to be closer to €50M.

Negotiations over the sale had been going on for some months, and the price is a significant reduction on the €106.5M that the building sold for in 2018. It also falls short of the €60M loan German bank Helaba provided to the building’s previous owners, South Korean REIT JR AMC and Hana Financial Investment, when they acquired the property in November 2018 through German investor KanAm Grund.

Helaba appointed Deloitte as receiver to recover the money owed to it in February last year, and Savills Ireland acted on behalf of the vendor, whilst JLL Ireland represented the purchaser.

The LEED Platinum and building energy rating A3-certified office building comprises more than 100K SF of office accommodation. Approximately 75% of the property is let to flexible workspace giant WeWork, with two vacant penthouse floors offering “significant asset management opportunities,” Savills Ireland said.

The adviser added that the asset offers secure long-term income, generating an annual rent in excess of €4M with a weighted average unexpired lease term of approximately 12.5 years.

“This transaction underscores the strengthening Investor sentiment for Dublin offices, supported by considerably improved occupational demand,” Savills Seán Ryan McCaffrey said in a statement.