IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, is consolidating its leading position in the logistics sector with the purchase of 64 acres of development land.
The land acquired is on the north side of Dublin city at the Cherryhound interchange of the M2 motorway, adjacent to the national motorway network and close to Dublin Airport. This acquisition increases IPUT’s logistics land holdings in Dublin to over 100 acres.
IPUT currently has a portfolio of 2.5 million sq ft of logistics , the largest portfolio of prime logistics assets in Ireland. IPUT also has an existing pipeline of 870,000 sq ft of logistics space, with full planning permission, and development underway at both Aerodrome Business Park in Southwest Dublin and Quantum Logistics Park near Dublin Airport.
The 64-acre Cherryhound site has the potential to add an additional 600,000 to 700,000 sq ft of prime logistics space which, on completion, will increase the IPUT logistics footprint to c. 4 million sq ft, in line with growing its logistics weighting.
Setting New Standards in Logistics
IPUT plans to bring its emphasis on quality design to the logistics market and will provide occupiers with the market leading sustainability credentials they require to meet their carbon emissions targets and to minimise resource use. All new IPUT logistics developments will be built to achieve LEED Gold accreditation and BREAM Excellent sustainability standards. Other leading design features across its logistics developments will include electric vehicle charging points; roof mounted photovoltaic solar panels; high-efficiency LED lighting systems with daylight harvesting and occupancy controls; advanced building envelopes to improve thermal performance.
Niall Gaffney, Chief Executive, IPUT Real Estate, commented:
Occupier demand for logistics facilities continues to grow, largely driven by the accelerating growth in online retail and as a response to Brexit. We intend to meet this demand with the most advanced logistics facilities in the market, setting new standards in design and sustainability.
Our acquisition at Cherryhound builds on our existing development pipeline and offers the potential to grow our logistics portfolio to close to 4 million sq ft. Demand for prime assets and our ability to meet that need will drive strong income returns for our shareholders.