IPUT secures largest Irish logistics letting of 2017

14 August 2017

IPUT plc announces that it has pre-let Unit 624 in Northwest Business Park, Dublin 15 comprising 9,570 sq m (103,000 sq ft) of high quality distribution space to German Logistics operator DB Schenker. DB Schenker have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial extension to the facility.

Unit 624 Northwest Business Park, was acquired vacant by IPUT in June 2015 and a short-term tenancy was sourced to allow IPUT the opportunity to acquire the adjoining site and secure planning permission for a 15,600 sq ft extension that commenced construction in January 2017. The extended 103,000 sq ft modern facility now sits on a secure
5.1 acre self-contained site with 3 gated entrances. The building has been enhanced and upgraded to the highest standards with an internal height of 10m (33ft), 9 dock levellers and the benefit of cross docking capability making it particularly suitable for the FMCG sector. The unit is strategically located close to Dublin Airport with excellent links
to the motorway network including the M2, M3 and M50 motorway.

IPUT plc owns a substantial logistics portfolio extending to over 2 million sq ft and comprising 33 properties which are situated in strategic logistics locations across Dublin. Existing occupiers in the portfolio include DHL, Dunnes Stores, BWG, Geodis, Musgraves, Uniphar and Nightline Logistics.

DB Schenker is the transport and logistics division of Deutsche Bahn AG. The logistics sector of DB is the world’s second largest transportation and logistics service provider based on revenues and performances. DB Schenker operates in over 130 countries worldwide and generated revenues of €15bn in 2016.

Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to continue to build on our relationship with DB Schenker by accommodating their expansion requirements within the IPUT portfolio. This acquisition and subsequent pre-letting demonstrates the ability of our asset management team to generate enhanced returns for our investors while meeting the exacting requirements of one of the world’s leading logistics operators.

Philip Harvey of William Harvey & Company advised IPUT plc on this transaction. Brendan Smyth of Cushman & Wakefield acted on behalf of DB Schenker.