Commercial property investment in Ireland reached approximately €2.4 billion in the nine months to September 2019, according to the latest research by Cushman & Wakefield.

After a robust first half of the year, the third quarter recorded turnover levels in excess of €786m across thirty-three deals, said Cushman & Wakefield.

The most notable transaction of the third quarter was the prime office block, located in the heart of the CBD (Central Business District) of Five Hanover Quay, Dublin 2. The German fund manager, Union Investment, acquired the dockland office block for €197m. The property is fully let, generating an annual rental income of approximately €8.8million, it said.

Second to this in the quarter, was the purchase of the Nova Atria office campus in Sandyford, Dublin 18. Singapore based real estate investment manager, Mapletree Investments, secured the office block for €165m from US private equity titan, Blackstone.

The company said in line with previous trends recorded over the past two years, office assets accounting for approximately €989.4m or 41% of total turnover in the nine months to September 2019.

Dublin continued to attract both the largest value and volume of investor interest, accounting for €1.9bn across seventy-four deals. Outside of Dublin, Cork captured 6% of total capital invested in the year to date, approximately €151m.

”A strong representation of domestic investors in the marketplace bodes well as an indicator of the current Irish economic climate, despite the glooming uncertainty of Brexit.”

”Of interest, as the final quarter of the year commences, is the origin of the capital spent in the Irish investment market. Funds sourced from a domestic investor represented 41% of total turnover in 2019 to date, while foreign capital stood at 54% during the same period. A strong representation of domestic investors in the marketplace bodes well as an indicator of the current Irish economic climate, despite the glooming uncertainty of Brexit” said the company.

”Following the ECB’s cut to interest rates at the end of September, and signals that further rate cuts have not been ruled out, real estate returns continue to look attractive to fund managers across Europe, with Dublin remaining as a key city,” said Jonathan Hillyer, Director, Investments, Cushman & Wakefield.

”Lack of available investment opportunities across the continent remains a constraint in the marketplace which should see continued robust pricing at least in the short term.” he added.