Deka Immobilien pays c€37m for central Dublin office asset

Deka Immobilien has acquired a 3,129 sq m office building with ground floor retail space in central Dublin for around €37 million. The building at 40 Molesworth Street was developed by IPUT and will become part of WestInvest InterSelect’s real estate fund.

The property is located on the south side of Molesworth Street, at the junction with Dawson Street, in the political, commercial and cultural heart of Dublin.

The six storey building was redeveloped in 2017 and when put on the market in January of this year, agent Savills had indicated a guide price of €40m.

The office element is occupied entirely by the Irish headquarters of law firm DLA Piper, while Specsavers occupy the retail element. The combined rent roll is approximately €2.175 million pa. The WAULT is approximately 12 years.