IFSC office block sells for €37.85m

Ardstone Capital, the private investment manager, and CBRE Global Investment Partners, have bought 2 Harbourmaster Place for €37.85 million in a deal that will show a net initial yield of 5.4%.

The 5,688 sq.m (61,012 sq.ft) multi-let building close to the main entrance of the IFSC and Connolly Station has a mix of tenants in the block including KPMG, Wells Fargo, Bank of Montreal, Kleinworth Benson, Aspen Reinsurance and United Health Group.

Ardstone was advised by the Bannon agency while JLL acted for Irish Life.

2 Harbourmaster Place is the seventh office investment in the area to have changed hands this year as long-term investors availed of the pick-up in the market to offload assets on which they claimed 100 per cent capital allowances over a 10-year period.