IPUT plc, Ireland’s largest unlisted property fund, has completed the acquisition of a modern high-quality logistics facility at Northwest Business Park, Dublin 15 for €12.3m. Unit 103 Northwest Business Park is located midway between the M2 and M3 motorway in Northwest Dublin, providing easy access to the M50 motorway, Dublin Airport and Dublin Port.
The self-contained detached logistics facility extends to 12,500 sq m (135,025 sq. ft.) and sits on a site of 2.6 hectares (6.45 acres). The unit benefits from an internal height of 12 metres, 21 dock levellers and cross docking capability making it ideal for tenants in the FMCG sector. The building was acquired with vacant possession and IPUT will commence a significant refurbishment of the existing facility with a target completion date of Q2 2018.
Commenting on the acquisition, Michael Clarke, Head of Investment, said; “The Fund has selectively increased its exposure to the Dublin logistics sector over recent years and now owns over 2 million sq ft of prime logistics space in strategic locations across Dublin”.
Gavin Butler of Savills advised IPUT in relation to this acquisition. JP McDonagh of Knight Frank acted on behalf of the counterparty.