BNP Paribas Real Estate advised our client, NEIF 2, a fund managed by BNP Paribas REIM. NEIF 2 is a euro dominated fund deploying capital into major European cities for best in class sustainable buildings. 8 Hannover quay is a brand new build inside the envelope of an existing warehouse standing at 3,574 sq m. It was the first forward commit office investment in the current investment cycle. 8 Hanover Quay is fully let to airbnb and is the tech company’s EMEA HQ. The building is let on a 20 Year lease from March 2016 with an initial rent of €1.475 m which has subsequently stepped up to €1.7m in March 2021. The NIY at acquisition price of €32 million was 4.41%. Through ongoing asset management by our Property Management team we have increased the term certainty and hence the capital value. BNP Paribas REIM were the first French entrant to invest in the Dublin office market during the current cycle.