London, 23 July 2019 – Henderson Park, (the ‘Company’), the pan-European private equity real  estate platform, announces that it has completed the acquisition of Heuston South Quarter (‘HSQ’), a  prime mixed-use campus in Dublin city centre from an affiliate of New York based Marathon Asset  Management. The investment comprises 266 residential apartments for rent, as well as office and  retail space, in addition to a 3.63 acre development site with zoning. 

Completed between 2005 and 2008, HSQ is an urban campus made up of six distinct multi-storey  buildings. The bulk of the scheme, totalling 247,890 sq ft, offers a high-quality mix of one, two and  three bedroom apartments and duplexes. The residential component has a strong track record of high  occupancy and has been well-maintained, set amongst landscaped gardens in addition to private  balconies and a communal roof terrace, with underground parking at basement level. Henderson Park  has identified a number of attractive asset management opportunities to add value over the long  term. 

Standing centrally in HSQ is the Brunel Building, a striking office asset with a unique curved glass  façade totalling 78,800 sq ft and with panoramic views across Dublin. Spread over 12 floors of grade  A space, the property is fully let to Irish public sector tenants the Child & Family Agency and the Health  Service Executive (‘HSE’). 

The final element of the complex is made up of retail and own door office space extending to 75,500 sq ft across four blocks. The retail element is anchored by national supermarket, SuperValu, which is  part of the Musgrave Group, Ireland's largest grocery and food distributor, and occupies a 20,000 sq ft unit at ground level. Other retail tenants include a gym, a coffee shop, a nursery and a pharmacy,  providing a broad mix of amenities for office and residential tenants’ use.  

The investment includes a large development site which presents the opportunity to complete the  campus by creating additional residential, office and retail space. 

HSQ is strategically located opposite Ireland’s main national train station, Heuston, on the northern  periphery of Dublin city centre, providing excellent public transport, including easy access across the  city and to Dublin’s suburbs. Dublin Airport is a 20-minute drive away and an abundance of cultural,  social and leisure amenities are on the campus’ doorstep.

Ireland is the fastest growing economy in the EU, with GDP rising 7.8% per annum, a buoyant  employment market and record levels of institutional capital targeting the country. On the residential  side, Dublin is experiencing an acute supply-demand imbalance due to a chronic housing deficit combined with a growing population, while the multifamily sector remains underdeveloped and highly  fragmented. Simultaneously, the sustained influx of multinational companies is driving a record take up of office space and pushing rents up.  

Nick Weber, Founding Partner of Henderson Park, commented: “HSQ provides us with an immediate  and meaningful exposure to the Irish real estate market through a high-quality campus in a well connected and desirable Dublin location. HSQ is well placed to benefit from Dublin’s growing position  as an attractive destination for global companies’ European HQs and its continued shortage of housing  supply. The portfolio is underpinned by strong income producing characteristics, while also offering  compelling long-term prospects to increase the rental intake, both through the currently under-rented  units and the significant on-site development potential.” 


FTI Consulting 
Richard Sunderland / Ellie Sweeney / Eve Kirmatzis 
Ph: 020 3727 1000 
E: Hendersonpark@fticonsulting.com

About Henderson Park 

Henderson Park is a pan-European private equity real estate manager based in London. It has invested over  $5.8 billion in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway  and capital cities. It seeks high-quality assets in prime locations where it can identify potential to unlock or  create value through asset management, or by taking on and working through complex situations.  Henderson Park strives to work with and create long-term strategic relationships with best in class local  operating partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO. 

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy,  nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would  be unlawful prior to registration, exemption from registration or qualification under the securities laws of  any such jurisdiction.

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