The French fund Sofidy pays over 34 million euros for Independent House

French investor Sofidy has bought Independent House, the newspaper’s offices, for more than €34 million from an investment vehicle led by Chartered Land developer Joe O’Reilly.

ofidy has bought a number of Dublin investments since July 2021.

In March this year, Fleming Court bought a multi-let office building near Mespil Road, Dublin 4 for €17.75m. The company also acquired the landmark Fitzwilliam Hall office building overlooking the Leeson St Bridge in Dublin 2 for €30.35m.

Last year it bought 76-78 Harcourt Street, occupied by the OPW, from Henderson Park. This property was offered with a target price of 21 million euros.

The French company currently has over €7.6 billion in assets under management and is wholly owned by Tikehau Capital.

Knight Frank, sales representative for Independent House, had set a benchmark value of €34 million for the property in February this year, which was €5 million more than the €29 million target two years earlier in March 2020, with a rent increase of nearly €160,000 € per year and a new lease with Mediahuis Ireland Limited, owner of this newspaper. The property’s value was also enhanced by extending the lease to 2032 and incorporating inflation-linked rent increases.

This March 2020 launch was disrupted by Covid-19 but allowed landlords, which included European investors, to increase the value of the property.

Mediahuis is also carrying out a 4 million euro modernization of its offices, which will significantly improve the quality of its accommodation.

While Knight Frank’s Ross Fogarty pointed out that the investment has been converted, the increased price also underscores the demand for Irish investment property.

Located between the IFSC, Connolly Station and Busáras to the east and O’Connell and Henry Streets to the west, the Independent House covers 5,123.69 sqm over four floors and has a 26-space underground car park. The office space extends to 4,173.03 m².

A SuperValu retail store occupies 896 m² on the ground floor and has been leased since December 2004 for 25 years. The Kane McCartney Group operates this shop and other SuperValu shops in Donabate, Killester and Raheny. The French fund Sofidy pays over 34 million euros for Independent House

Fry Electronics Team

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