IPUT plans to double logistics portfolio with acquisition of 118 acres in north Dublin

28 April 2022
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Aerial view of Killamonan site

  • Acquisition of 118 acres of land at Killamonan, Cherryhound Interchange in north Dublin
  • Site is adjacent to 64-acre Cherryhound site acquired in 2021 where IPUT intends to seek planning to develop Nexus Distribution Park
  • Combined sites will enable the development of up to 2.4 million sq ft of logistics space; doubling IPUT’s portfolio to c. 5.5 m sq ft
  • IPUT aims to set new sustainability standards in the Irish market with its logistics developments

 

IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the acquisition of 118 acres of development land in north Dublin, which will enable it to double the size of its logistics portfolio to c. 5.5 million sq ft.

Acquisition of a further 118 acres in north Dublin

The newly acquired site is strategically located less than 20 minutes’ drive from Dublin airport, off the M2 and close to the M50 orbital motorway, and adjacent to IPUT’s Nexus Distribution Park development. Combined with Nexus, the new development will create one of the largest and most sustainable single ownership logistics parks in Ireland. Of the 118 acres of land acquired at Killamonan, 100 acres are zoned for industrial use.

Subject to master-planning and permissions, Killamonan has the potential to add up to 1.6 million sq ft of logistics assets, increasing IPUT’s portfolio to close to 5.5 million sq ft in total.

Ireland’s Leading Logistics Portfolio

IPUT owns a portfolio of 2.5 million sq ft of logistics assets, making it the largest prime logistics portfolio in Ireland. Master-planning is underway for the development of 750,000 sq ft to create Nexus Distribution Park on a 64-acre site acquired in 2021. IPUT has a further 700,000 sq ft of logistics space under development at Quantum Distribution Park, which is less than a 10-minute drive from the new investment, and at Aerodrome Business Park in west Dublin.

Across each of these developments, IPUT intends to set the highest standard for logistics development in Ireland, including a minimum of LEED Gold or BREEAM Excellent ratings for all buildings.

IPUT’s standing logistics portfolio is 100% let with a WAULT of 7.7 years.

Michael Clarke, IPUT Chief Investment Officer, commented:

Occupier demand for logistics facilities in Ireland, particularly around the capital, continues to grow and our ambition is to double the scale of our portfolio. Following the acquisition of the land at Killamonan, we now have a substantial landbank to deliver on that objective.

Our intention is to develop the next generation of logistics parks in Ireland, where the majority of stock is more mature and often not fit for the requirements of today’s occupiers. Our new facilities will have market-leading sustainability credentials but also offer an amenity rich environment including parks, activity spaces and features focused on the health and well-being of occupiers.