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Henderson Park, the pan-European private equity real estate platform, announces that it has completed the acquisition of Heuston South Quarter (‘HSQ’), a prime mixed-use campus in Dublin city centre from an affiliate of New York based Marathon Asset Management. The investment comprises 266 residential apartments for rent, as well as office and retail space, in addition to a 3.63 acre development site with zoning.
Completed between 2005 and 2008, HSQ is an urban campus made up of six distinct multi-storey buildings. The bulk of the scheme, totalling 247,890 sq ft, offers a high-quality mix of one, two and three bedroom apartments and duplexes. The residential component has a strong track record of high occupancy and has been well-maintained, set amongst landscaped gardens in addition to private balconies and a communal roof terrace, with underground parking at basement level. Henderson Park has identified a number of attractive asset management opportunities to add value over the long term.
Standing centrally in HSQ is the Brunel Building, a striking office asset with a unique curved glass façade totalling 78,800 sq ft and with panoramic views across Dublin. Spread over 12 floors of grade A space, the property is fully let to Irish public sector tenants the Child & Family Agency and the Health Service Executive (‘HSE’).
The final element of the complex is made up of retail and own door office space extending to 75,500 sq ft across four blocks. The retail element is anchored by national supermarket, SuperValu, which is part of the Musgrave Group, Ireland’s largest grocery and food distributor, and occupies a 20,000 sq ft unit at ground level. Other retail tenants include a gym, a coffee shop, a nursery and a pharmacy, providing a broad mix of amenities for office and residential tenants’ use.
The investment includes a large development site which presents the opportunity to complete the campus by creating additional residential, office and retail space.
HSQ is strategically located opposite Ireland’s main national train station, Heuston, on the northern periphery of Dublin city centre, providing excellent public transport, including easy access across the city and to Dublin’s suburbs. Dublin Airport is a 20-minute drive away and an abundance of cultural, social and leisure amenities are on the campus’ doorstep.
Ireland is the fastest growing economy in the EU, with GDP rising 7.8% per annum, a buoyant employment market and record levels of institutional capital targeting the country. On the residential side, Dublin is experiencing an acute supply-demand imbalance due to a chronic housing deficit combined with a growing population, while the multifamily sector remains underdeveloped and highly fragmented. Simultaneously, the sustained influx of multinational companies is driving a record take-up of office space and pushing rents up.
Nick Weber, Founding Partner of Henderson Park, commented: “HSQ provides us with an immediate and meaningful exposure to the Irish real estate market through a high-quality campus in a well-connected and desirable Dublin location. HSQ is well placed to benefit from Dublin’s growing position as an attractive destination for global companies’ European HQs and its continued shortage of housing supply. The portfolio is underpinned by strong income producing characteristics, while also offering compelling long-term prospects to increase the rental intake, both through the currently under-rented units and the significant on-site development potential.”
Henderson Park is a pan-European private equity real estate manager based in London. It has invested over $5.4 billion in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway and capital cities. It seeks high-quality assets in prime locations where it can identify potential to unlock or create value through asset management, or by taking on and working through complex situations. Henderson Park strives to work with and create long-term strategic relationships with best in class local operating partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO.
Source : Company