3 days ago
French investor pays €47.2m for Smithfield office block
French investor Corum Asset Management has deepened its involvement in the Dublin office market, paying about €47.2 million for the Infinity Building, a high-profile six-storey block in Smithfield.
The Infinity Building, developed originally as George's Court by the late
Liam Carroll
's Zoe Developments, the Infinity Building occupies a prominent corner location with frontage to George's Lane, Brunswick Street and North King Street. The property comprises 11,772sq m (126,717sq ft) of office accommodation along with 63 secure underground car-parking spaces.
The building is fully occupied and generating combined annual rental income of €3.895 million from a strong tenant line-up. About 90 per cent of the property is let to the Office of Public Works (OPW) and is occupied by a number of State agencies including the Health Information and Quality Authority (Hiqa), and CORU, the regulatory body for heath and social care professionals. The weighted average unexpired lease term currently stands at about 7½ years to break and 12½ years to expiry.
The Infinity Building last changed hands in January 2019 when it was acquired in an off-market transaction by a fund connected to Credit Suisse for about €57 million. The figure represented a 99 per cent jump on the €28.65 million its outgoing owner, a Norwegian investor, had paid to secure ownership of the property in April 2015. Some €5 million is understood to have been spent on the building's refurbishment between 2015 and 2019.
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The Infinity Building is Corum's latest significant investment in the Dublin office market. In July 2023 the French-headquartered investor paid Henderson Park Capital €80 million for George's Quay House on Townsend Street in Dublin city centre and €30 million to Spear Street Capital for the F1 Building at Cherrywood in south Dublin respectively.
