Limerick Office Complex Hawthorn House Sold to French Investor
- A French investment firm has acquired Hawthorn House, a modern office complex within Limerick’s Plassey Innovation Campus, signaling continued international interest in the Irish regional property market.
- While the precise financial details weren’t disclosed, sources indicate the sale price exceeded €16 million.
- The transaction underscores a growing trend of institutional investors looking beyond Dublin for commercial property opportunities.
French Investment Signals Confidence in Limerick’s Office Market
A French investment firm has acquired Hawthorn House, a modern office complex within Limerick’s Plassey Innovation Campus, signaling continued international interest in the Irish regional property market. The deal, completed on , saw the property change hands from Irish real estate investor Fine Grain Property to SCPI Transitions Europe, managed by Arkéa Real Estate Investment Management.
While the precise financial details weren’t disclosed, sources indicate the sale price exceeded €16 million. Hawthorn House, developed by Fine Grain in 2019, offers approximately 50,000 square feet of office space across four floors and includes 199 car parking spaces. The building is fully let to General Motors and Kneat Solutions, providing a secure income stream for the new owners.
The transaction underscores a growing trend of institutional investors looking beyond Dublin for commercial property opportunities. Fine Grain Property’s Chief Operating Officer, Darragh Lennon, highlighted the appeal of the Plassey Innovation Campus and Limerick as an investment location, noting the thriving innovation ecosystem fueled by the University of Limerick and attracting both domestic and international companies. “At the Plassey Innovation Campus, we have created…a workplace community where innovation is thriving,” Lennon stated.
This sale follows a series of strategic moves by Fine Grain Property in the Limerick area. In late 2024, the company acquired the neighboring Three Building for €7.5 million and sold Hamilton House II for €14 million. These transactions demonstrate a pattern of active portfolio management and a willingness to capitalize on demand for high-quality office space outside of the capital.
Hawthorn House’s environmental credentials also likely contributed to its appeal. The building holds both LEED Gold certification and a B1 BER (Building Energy Rating), demonstrating a commitment to sustainability. This aligns with increasing investor focus on Environmental, Social, and Governance (ESG) factors when evaluating potential acquisitions.
The legal and commercial aspects of the deal were handled by a team of advisors. Avison Young, represented by Fergal Burke and Artem Makarevitch, advised Fine Grain Property on the commercial side, while Philip Lee, with Michael Neary leading the legal team, provided legal counsel. Arkéa REIM was advised by Sienna IM (Henry Timmis and Chris Rees) and Dentons (Craig Kenny and Ben Conroy) on the acquisition.
Fine Grain Property has been a significant investor in Irish commercial real estate, having invested over €355 million across the country since 2016. The company’s portfolio encompasses approximately 1.3 million square feet of commercial space, housing over 65 global employers. The sale of Hawthorn House represents another successful execution of their strategy to identify and realize value for investors.
Looking ahead, the Limerick property market is poised for continued growth, driven by the region’s expanding technology sector and its attractiveness as a business-friendly location. Investors will likely continue to monitor opportunities in the area, particularly those offering strong tenant covenants, sustainable building practices, and potential for long-term income generation.