Mapletree’s Dublin Office Project Sees Solid Occupancy
IRELAND – Nova Atria, an office development in Sandyford in south Dublin owned by Singapore-based REIT Mapletree, has attained a healthy occupancy rate of 96 percent, reported The Irish Times on Wednesday morning (14 December, SGT).
This comes after financial firm Avant Money has agreed to lease 10,527 sq ft of office space on the penthouse level of Nova Atria’s north block for 10 years. The remaining 11,000 sq ft of office space on this level is in the midst of being refurnished and will be ready to be let by early next year.
Notably, the office development contains 339,000 sq ft of office space across 2 6-storey buildings – Nova Atria North and Nova Atria South. Formerly known as the Atrium, the project is home to blue-chip tech firms like Verizon, Facebook, Salesforce, and Microsoft.
It was acquired by Mapletree, a Singapore-listed REIT, in 2019 for €167 million.
Commenting on the move, Avant Money’s CEO Niall Corbett stated that “This is an exciting time for our business, and I believe this move into a top-class working environment and having a strong presence in both Dublin and the northwest is a signal of our intent to continue to grow our business and bring value and innovative solutions to Irish consumers.”
Mapletree’s unit Clover Asset (Dublin) Ltd was represented by CBRE’s Sam Daunt in the negotiations, while HWBC advised the new tenant. Moreover, property agencies CBRE and Lisney have been appointed as joint agents for the remaining 11,000 sq ft of office space on the penthouse level.
Singapore’s Mapletree entered the commercial property market of the UK and Europe in 2015. Since then, the REIT has significantly expanded its footprint.
In 2021, China’s TikTok entered into a deal to lease 216,000 sq ft of workspace at the Sorting Office in Dublin’s south docklands. The social media platform committed to a 15-year lease, with 10 years’ term-certain and a rent-free period of around 1.5 years. The agreed office rent is believed to range from €55 psf to €60 psf per month.
