IPUT, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the letting of Unit 1 Dublin Airport Logistics Park, a 185,000 sq. ft. modern logistics unit, to GEODIS Ireland Ltd, a global logistics leader. The new 20-year lease will generate an initial rent of €1.6 million per annum.
IPUT acquired Unit 1 Dublin Airport Logistics Park with vacant possession for €19 million in Q1 2019. Following the acquisition, IPUT completed an extensive upgrade to the building to bring it in line with the highest international logistics standards. Practical completion of the refurbishment works was achieved in Q4 2019. Philip Harvey of HARVEY, Industrial Property Specialists represented IPUT in the above letting.
Michael Clarke, Head of Investment at IPUT plc said:
The successful refurbishment and letting of Unit 1 Dublin Airport Logistics Park further demonstrates our team’s ability to identify prime real estate opportunities where we can leverage our expertise and reinvest to secure enhanced returns for our shareholders. GEODIS Ireland Ltd’ decision to extend their relationship with IPUT reflects the strength of our logistics offering and we are delighted to retain an occupier of their calibre.
IPUT has a number of pre-letting opportunities available for prime logistics space in the greater Dublin area.
IPUT Logistics Portfolio
IPUT owns a substantial logistics portfolio extending to over 2.4 million sq. ft., comprising 30 properties which are situated in strategic locations across Dublin. Existing occupiers include BWG, DB Schenker, DHL, Dunnes Stores, GEODIS Ireland Ltd, IKEA, Musgraves, Nightline Logistics, Sonas Bathrooms and Uniphar.