Pontegadea Weighs Second Bid for Dublin’s One Molesworth Street
Dublin, Ireland – Pontegadea, the investment firm of Zara founder Amancio Ortega, is reportedly considering a renewed offer for One Molesworth Street, a prime Dublin office block. The property has returned to the market with a guide price of €110 million, significantly reduced from previous valuations.
Previous Offer Declined
Henderson Park, the UK property giant currently selling the asset, previously received an offer exceeding €150 million for One Molesworth Street from Pontegadea during the Covid-19 pandemic. However, Henderson Park declined the offer at that time. The current asking price represents a potential loss of at least €40 million for Henderson Park compared to the earlier bid. Irish Times
Property Details and Tenants
One Molesworth Street is a prominent Dublin office building, currently occupied by Barclays’ Irish headquarters and The Ivy Dawson Street restaurant. It was initially offered for sale in January 2020 as part of Henderson Park’s “Capital Collection,” a portfolio of five Dublin offices acquired through a €1.34 billion buyout of Green Reit. Irish Times
Henderson Park’s Portfolio Sales
Henderson Park successfully sold four other properties from the Capital Collection – 2 Burlington Road, 5 Harcourt Road, 30-33 Molesworth Street and Fitzwilliam Hall – for a total of €249 million between 2020 and 2022. However, the firm opted not to sell One Molesworth Street despite the substantial offer from Pontegadea. Irish Times
Pontegadea’s Expanding Portfolio
Pontegadea has been actively expanding its global property portfolio. In 2026, the firm acquired the Cepsa Tower in Madrid for €490 million. Iberian Property In July 2025, Pontegadea also invested in PD Ports, a UK ports and logistics business, acquiring a 49% stake from Brookfield Asset Management. IPE Real Assets Pontegadea also purchased a 120-unit scheme in Ireland in 2024. Savills
Market Context
The return of One Molesworth Street to the market reflects current conditions in the Dublin commercial property sector. While interest is reported to be strong, the reduced guide price suggests a recalibration of valuations compared to the peak of the pandemic era.