Key Takeaways
- • Mapfre (Spain's largest insurer) and Manova Partners jointly acquired One Haddington Buildings, a Grade A office property in Dublin's Central Business District, for the Stable Income European Real Estate Fund 2 (SIEREF II) on April 16, 2026.
- • The 3,800 square meter, fully let office asset features four stories with 23 parking spaces, constructed in 1995 and extensively refurbished in 2022, meeting high sustainability standards with BER rating A3 and Nearly Zero Energy Building (NZEB) status.
- • The property is fully leased to four tenants across diverse business sectors on long-term agreements, generating a robust and stabilized income stream with an attractive yield profile relative to other European markets.
- • Mapfre has accumulated approximately €2 billion in real estate holdings focused on prime office assets in major European cities, with this Dublin acquisition reinforcing the insurer's strategy of building a portfolio of high-quality income-producing properties.
- • The acquisition reflects a countercyclical investment strategy targeting prime European office locations where Dublin's strong economic dynamism, demand for modern office space, and yield profile position the asset for projected high total returns by 2030.
Summary
Mapfre, Spain's largest insurance company, and Munich-based real estate investment firm Manova Partners have completed the acquisition of One Haddington Buildings, a fully let Grade A office property located in Dublin's Central Business District. The transaction, announced on April 16, 2026, was executed for the commingled Stable Income European Real Estate Fund 2 (SIEREF II), which pools capital from multiple investors including insurance companies and institutional asset managers.
The four-story property comprises approximately 3,800 square meters of lettable space and 23 parking spaces. Originally constructed in 1995, the building underwent an extensive refurbishment in 2022 and meets high environmental and sustainability standards, achieving a BER rating of A3 and Nearly Zero Energy Building (NZEB) certification. The asset's prime location on Haddington Road provides excellent transportation connectivity via the Luas tram network, rail, and bus services, with proximity to high-quality amenities including restaurants, bars, and fitness facilities—factors that enhance its appeal to corporate occupiers.
The property is fully leased to four tenants representing diverse business sectors on long-term lease agreements, providing stable and predictable cash flows. According to Laetitia Treves, Head of Transactions Europe at Manova Partners, the acquisition secures "high-yield and fully stabilized cash flow in a market that is projected to deliver high total returns in Europe by 2030," with Dublin's strong economic fundamentals, robust demand for modern office space, and attractive yield profile compared to other European jurisdictions justifying the investment thesis.
The transaction aligns with Mapfre's broader real estate expansion strategy. The Spanish insurer has assembled an approximately €2 billion property portfolio focused on prime office assets in major European cities, reflecting a deliberate shift toward alternative asset classes. Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, stated that the acquisition "fits perfectly into Mapfre's real estate strategy, which prioritizes investment in high-quality office buildings in prime locations that can provide a stable source of income over the long term." Manova Partners characterized the acquisition as part of a "countercyclical investment strategy" to expand the office portfolio in prime European locations despite broader market uncertainties in the office sector.
The four-story property comprises approximately 3,800 square meters of lettable space and 23 parking spaces. Originally constructed in 1995, the building underwent an extensive refurbishment in 2022 and meets high environmental and sustainability standards, achieving a BER rating of A3 and Nearly Zero Energy Building (NZEB) certification. The asset's prime location on Haddington Road provides excellent transportation connectivity via the Luas tram network, rail, and bus services, with proximity to high-quality amenities including restaurants, bars, and fitness facilities—factors that enhance its appeal to corporate occupiers.
The property is fully leased to four tenants representing diverse business sectors on long-term lease agreements, providing stable and predictable cash flows. According to Laetitia Treves, Head of Transactions Europe at Manova Partners, the acquisition secures "high-yield and fully stabilized cash flow in a market that is projected to deliver high total returns in Europe by 2030," with Dublin's strong economic fundamentals, robust demand for modern office space, and attractive yield profile compared to other European jurisdictions justifying the investment thesis.
The transaction aligns with Mapfre's broader real estate expansion strategy. The Spanish insurer has assembled an approximately €2 billion property portfolio focused on prime office assets in major European cities, reflecting a deliberate shift toward alternative asset classes. Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, stated that the acquisition "fits perfectly into Mapfre's real estate strategy, which prioritizes investment in high-quality office buildings in prime locations that can provide a stable source of income over the long term." Manova Partners characterized the acquisition as part of a "countercyclical investment strategy" to expand the office portfolio in prime European locations despite broader market uncertainties in the office sector.
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