Key Takeaways
- • Mapfre (Spain's largest insurance company) and Manova Partners jointly acquired One Haddington Buildings, a Grade A office property in Dublin's Central Business District, for their Stable Income European Real Estate Fund 2 (SIEREF 2).
- • The asset comprises approximately 3,800 square metres of fully let office space across four stories, with 23 parking spaces, constructed in 1995 and extensively refurbished in 2022 to achieve A3 BER rating and NZEB (Nearly Zero Energy Building) status.
- • The property is 100% let to four tenants on long-term leases across diverse business sectors, providing stable income generation and located on Haddington Road with strategic connectivity to Luas tram, rail, and bus networks.
- • The acquisition reflects Mapfre's expanded focus on alternative assets and high-quality prime location office investments that deliver long-term stable returns, while positioning the Spanish insurer as an active participant in Dublin's institutional real estate market.
Summary
Mapfre, Spain's largest insurance company, has partnered with Manova Partners, a Munich-based independent real estate investment firm, to acquire One Haddington Buildings in Dublin's Central Business District. The transaction, completed on 16 April 2026, channels the investment through Mapfre and Manova's commingled vehicle, the Stable Income European Real Estate Fund 2 (SIEREF 2).
The property represents a institutional-grade office asset meeting contemporary sustainability standards. The four-story building totals approximately 3,800 square metres of lettable space with 23 parking spaces. Originally constructed in 1995, the asset underwent extensive refurbishment in 2022, achieving a BER (Building Energy Rating) classification of A3 and Nearly Zero Energy Building (NZEB) certification, positioning it as a future-proofed ESG-compliant investment.
The asset's geographic positioning enhances its institutional appeal. Located on Haddington Road within Dublin's established office district, the property benefits from excellent multimodal connectivity including direct access to the Luas tram system, regional rail networks, and bus infrastructure. The immediate vicinity provides corporate-grade amenities including restaurants, fitness facilities, and professional services—key differentiators for corporate occupier retention.
From an income perspective, the property is fully let across four tenants operating in diverse business sectors on long-term lease agreements, providing predictable cash flow characteristics. This tenancy profile mitigates sector concentration risk and supports the fund's stated objective of generating stable European real estate income.
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, characterized the acquisition as aligned with the insurer's strategic pivot toward alternative assets, emphasizing prioritization of high-quality properties in prime locations capable of delivering long-term income stability. Christian Göbel, Co-CEO at Manova Partners, highlighted the property's ESG compliance, tenant quality, and attractive yield metrics as key investment drivers. This transaction signals continued institutional capital deployment into Dublin's prime office market from continental European insurers and specialized real estate vehicles.
The property represents a institutional-grade office asset meeting contemporary sustainability standards. The four-story building totals approximately 3,800 square metres of lettable space with 23 parking spaces. Originally constructed in 1995, the asset underwent extensive refurbishment in 2022, achieving a BER (Building Energy Rating) classification of A3 and Nearly Zero Energy Building (NZEB) certification, positioning it as a future-proofed ESG-compliant investment.
The asset's geographic positioning enhances its institutional appeal. Located on Haddington Road within Dublin's established office district, the property benefits from excellent multimodal connectivity including direct access to the Luas tram system, regional rail networks, and bus infrastructure. The immediate vicinity provides corporate-grade amenities including restaurants, fitness facilities, and professional services—key differentiators for corporate occupier retention.
From an income perspective, the property is fully let across four tenants operating in diverse business sectors on long-term lease agreements, providing predictable cash flow characteristics. This tenancy profile mitigates sector concentration risk and supports the fund's stated objective of generating stable European real estate income.
Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, characterized the acquisition as aligned with the insurer's strategic pivot toward alternative assets, emphasizing prioritization of high-quality properties in prime locations capable of delivering long-term income stability. Christian Göbel, Co-CEO at Manova Partners, highlighted the property's ESG compliance, tenant quality, and attractive yield metrics as key investment drivers. This transaction signals continued institutional capital deployment into Dublin's prime office market from continental European insurers and specialized real estate vehicles.
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