CS fund buys in Dublin

The office building at 100 Lower Mount Street, which was acquired in an off-market deal (exclusive inquiry by selected investors), is in a very good location in the center of Dublin near the Google campus. Internationally active companies, particularly from the IT sector, use the Irish city as a hub for their European business activities and are thus a strong growth driver for the Dublin real estate market.

Built in 1982, the property with 2,395 sqm of usable space was extensively renovated and modernized last year. As part of the construction work, the property was upgraded with the installation of air conditioning and a new roof terrace. All six floors have already been leased on a long-term basis to two software companies and an HR consultancy.

The property is the second investment of the Credit Suisse (Lux) European Climate Value Property Fund. The fund invests in well-let existing commercial properties in Europe that generate sustainably stable rents and distributions. In addition, the fund is characterized by a sustainability strategy: CO2 emissions and energy consumption of the properties are to be reduced cost-efficiently in cooperation with Siemens by means of suitable measurement and optimization methods and only minor investments. The remaining CO2 emissions that cannot be reduced are fully offset at the end of each year by the purchase of high-quality CO2 certificates. The costs for this are borne by Credit Suisse Real Estate Investment Management and not by the fund. According to its own information, it is the first climate-neutral real estate fund.