Ardstone Capital, the Dublin- based private investment manager, has linked up with CBRE Global Multi Manager to acquire Fleming Court, a medium-sized office investment at Mespil Road, Dublin 4.
The two funds have paid a strong price of €9.75 million for the 2,768sq m (29,800sq ft) block which is multi-tenanted and produces a rent roll of over €700,000. The new owners will get an income return of 7 per cent.
The 11-year-old building was one of a large number of properties in Project Kildare sold earlier this year to Lone Star by Nama.
Ardstone will hold a minority stake in Fleming House, the third property asset it has acquired this year. The six tenants in the block include Beachcroft Solicitors, Kennelly Tax Advisers and St James Place plc.
Donal O’Neill of Ardstone Capital said that by buying into the rental growth cycle in Dublin they hoped to add further investments to this one very soon.
Colm Luddy of CBRE is understood to have advised Lone Star on the deal.
