Key Takeaways
- • Mapfre and Manova Partners have 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 2), with the property fully let to four tenants on long-term leases.
- • The property comprises approximately 3,800 square metres of lettable space across four stories with 23 parking spaces, extensively refurbished in 2022 with an A3 BER rating and Nearly Zero Energy Building (NZEB) certification, meeting high ESG standards.
- • The acquisition was completed on April 16, 2026, with the property guided at €27.15 million at the time of marketing; the previous owners (Alanis Capital and Deutsche Bank) acquired the building from Nama's Project Spring portfolio in 2014 at a significant discount.
- • The Haddington Road location offers strategic advantages including direct connectivity to Dublin's Luas tram, rail, and bus networks, with proximity to corporate amenities, restaurants, and fitness facilities that enhance tenant appeal and retention.
- • The deal reflects Mapfre's broader real estate strategy focused on acquiring high-quality office assets in prime European locations that generate stable long-term income streams and align with ESG compliance objectives.
Summary
Mapfre, Spain's largest insurance company, and Manova Partners, a Munich-based independent real estate investment firm, have completed the acquisition of One Haddington Buildings on behalf of their Stable Income European Real Estate Fund 2 (SIEREF 2). The transaction closed on April 16, 2026, marking a strategic institutional real estate investment in Dublin's central business district. The property is fully let to four tenants across diverse business sectors, securing a robust income stream for the commingled fund.
One Haddington Buildings is a contemporary four-story office building constructed in 1995 and extensively refurbished in 2022. The asset contains approximately 3,800 square metres of net lettable space, with an additional 23 parking spaces. The property achieved a BER (Building Energy Rating) classification of A3 and received Nearly Zero Energy Building (NZEB) status, reflecting high sustainability credentials that appeal to institutional capital increasingly focused on ESG-compliant real estate. The building's architectural grade and energy efficiency standards position it as a future-proofed asset capable of commanding premium rents in Dublin's competitive office market.
The Haddington Road location provides significant operational advantages for corporate tenants. The property benefits from direct connectivity to Dublin's Luas light rail system, mainline rail, and comprehensive bus networks, reducing occupant commute times and improving accessibility. Immediate proximity to high-quality amenities including restaurants, bars, and fitness facilities enhances the property's attractiveness to multinational corporations and professional services firms. These factors have contributed to the building's full occupancy status on long-term lease agreements.
The previous ownership structure involved Alanis Capital and Deutsche Bank, which acquired the three Haddington Buildings (including One Haddington) from Nama's Project Spring portfolio in 2014 at a substantial discount during the post-financial crisis asset recovery phase. The vendors subsequently sold Two Haddington Buildings and Three Haddington Buildings to German fund Quadoro Doric in 2018 and 2020 respectively for €24 million and €19.6 million. The €27.15 million guidance price for One Haddington Buildings reflects the property's premium positioning and the vendors' successful value creation through capital investment and asset management.
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, emphasized that the acquisition aligns with the company's strategic focus on high-quality office real estate in prime locations that deliver stable income over extended periods. Christian Göbel, Co-CEO at Manova Partners, highlighted the property's high-quality tenant profile and attractive yield metrics as key drivers of the investment thesis, particularly within the context of Dublin's established office market dynamics and Ireland's continued appeal as a European financial services hub.
One Haddington Buildings is a contemporary four-story office building constructed in 1995 and extensively refurbished in 2022. The asset contains approximately 3,800 square metres of net lettable space, with an additional 23 parking spaces. The property achieved a BER (Building Energy Rating) classification of A3 and received Nearly Zero Energy Building (NZEB) status, reflecting high sustainability credentials that appeal to institutional capital increasingly focused on ESG-compliant real estate. The building's architectural grade and energy efficiency standards position it as a future-proofed asset capable of commanding premium rents in Dublin's competitive office market.
The Haddington Road location provides significant operational advantages for corporate tenants. The property benefits from direct connectivity to Dublin's Luas light rail system, mainline rail, and comprehensive bus networks, reducing occupant commute times and improving accessibility. Immediate proximity to high-quality amenities including restaurants, bars, and fitness facilities enhances the property's attractiveness to multinational corporations and professional services firms. These factors have contributed to the building's full occupancy status on long-term lease agreements.
The previous ownership structure involved Alanis Capital and Deutsche Bank, which acquired the three Haddington Buildings (including One Haddington) from Nama's Project Spring portfolio in 2014 at a substantial discount during the post-financial crisis asset recovery phase. The vendors subsequently sold Two Haddington Buildings and Three Haddington Buildings to German fund Quadoro Doric in 2018 and 2020 respectively for €24 million and €19.6 million. The €27.15 million guidance price for One Haddington Buildings reflects the property's premium positioning and the vendors' successful value creation through capital investment and asset management.
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, emphasized that the acquisition aligns with the company's strategic focus on high-quality office real estate in prime locations that deliver stable income over extended periods. Christian Göbel, Co-CEO at Manova Partners, highlighted the property's high-quality tenant profile and attractive yield metrics as key drivers of the investment thesis, particularly within the context of Dublin's established office market dynamics and Ireland's continued appeal as a European financial services hub.
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