IPUT completes acquisition of Gardner House

IPUT plc has completed the acquisition of Gardner House, Dublin 2 for €63m in an off-market transaction.

The 7,000 sq m (75,600 sq ft) office building which has planning permission for a 4,000 sq m extension adjoins existing IPUT holdings at Wilton Park House and is currently occupied by LinkedIn. The acquisition consolidates the Fund’s ownership in this substantial central Dublin block which also includes Fitzwilton House (to be redeveloped as One Wilton) and a block of apartments on Lad Lane.

IPUT plc, Chief Executive Officer, Niall Gaffney, commented:

We are delighted with the opportunity to take Gardner House back into the Wilton Estate having sold the asset in 2003 for €83 million. The acquisition has allowed The Fund to take full control over the entire Wilton Estate and complete the assembly of an entire Dublin city block capable of accommodating up to 600,000 sq ft of office space.

We now intend to masterplan the entire Wilton Estate, centred around a new public realm in Wilton Park, with the first phase of our redevelopment due to start in Q1 2018, with the construction of 150,000 sq ft of offices at One Wilton.