BCP buys Dublin office complex for €33.5m

BCP Fumbally Square and Studio

M7 Real Estate has sold its office complex on Fumbally Lane in Dublin to BCP Fund Management for €33.5m (£30.4m) at a reversionary yield of 8.5%.

The mixed-use asset, acquired by M7 in December 2016, comprises a five-storey office building with 55 underground car parking spaces and a further three period properties, including part of a deactivated distillery, which have been converted into 83,699 sq ft of further office space. The site also includes four residential units of 4,000 sq ft and a 0.4 acre development site and overall has a capital value of €403/sq ft.

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