French Investor Alderan has made its second investment in the Irish commercial property market. paying €11.5 million for Blocks 1 and 2 at The Pavilion in the south Dublin seaside town of Dún Laoghaire. The investment comprises a portfolio of 12 retail units let to a variety of tenants that include Eason, O’Briens, Casper and Giumbinis and Eddie Rockets. The deal represents Alderan’s first acquisition in Ireland on behalf of its real estate fund SCPI Comète.
Alderan was advised on the transaction by Grand Canal Capital and Colliers while Agar acted for the vendor.
The two blocks acquired by Alderan form part of the wider Pavilion mixed-use scheme that includes the Pavilion Theatre and apartments. The investment comprises approximately 50,000sq ft (4,645sq m) of retail accommodation, all of which is fully let, with an average lease length of more than eight years.
The location of the Pavilion retail space benefits from high footfall both along the seafront units as well as on the stretch leading from Marine Road towards Dún Laoghaire’s principal thoroughfare, Upper George’s Street.
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Alderan stands to secure a net initial yield of about 7.5 per cent from this latest investment and is understood to be seeking to make further acquisitions for the SCPI Comète.
Established in 2015, Alderan is an independent real estate investment management company originating from the real estate family office Ojirel. Alderan has more than €2 billion in assets under management.
The Pavilion units are its second substantial investment in the Irish market. In July 2024, it completed its first purchase here, with a €10.75 million deal for Grattan Business Park at Clonshaugh in Dublin 17. The Paris-headquartered firm acquired the scheme from the Channor Real Estate Group on behalf of its open-ended fund, SCPI Activimmo.
