Published March 12, 2013
A subsidiary of North Charleston-based The InterTech Group has acquired an office building in Ireland for about $18 million, the company announced.
The deal is the largest transaction outside the Dublin city center during the last 12 months. The 75,000-square-foot offices were built in 2000 and refurbished in 2010, and the building is two stories with parking for 280 cars.
“We are thrilled to have closed on this excellent investment,” said Robert Johnston, executive vice president of The InterTech Group. “We are very excited about investing in Ireland and look forward to building a large portfolio of high quality commercial and industrial real estate.”
SAP, a German software company, leases the property now for an annual rent of $2.1 million.
“The acquisition of the SAP buildings is evidence that core international investors are increasingly turning their attention to Ireland and particularly Dublin for opportunities,” said Jacqueline Fitzpatrick, associate director at Savills in Dublin, which advised The InterTech subsidiary during the deal. “This provides The InterTech Group with a very attractive yield from an extremely strong covenant in a modern building that risk adjusted would be difficult to find across the United States and Europe.”