M7 grows Irish portfolio with purchase of Century Business Park, Finglas, Dublin

M7 Real Estate (“M7”) the pan-European investor and asset manager, announces that it has acquired Century Business Park, Finglas, in Dublin 11 for €4.47 million, on behalf of M7 European Real Estate Investment Partners V (“M7 EREIP V” or the “Fund”) from the Marshalsea Property Company. The price reflects an initial yield of circa 7.2% and a capital value of €74 per sq ft.

Century Business Park is a modern, high-profile estate comprising a total of 220,000 sq ft across 19 industrial and trade counter units of between 1,900 sq ft and 36,000 sq ft. 14 of the units have previously been sold off on long leases and the remaining five units purchased comprise circa 60,000 sqft The asset, which is situated on approximately 4.57 hectares (11.3 acres) of land, is 100% occupied. The property is situated close to Junction 5 of the M50 and adjacent to Charlestown Shopping Centre.

This latest acquisition grows M7’s portfolio in Ireland to three assets totalling 280,000 sq ft of office and industrial space.

John Murnaghan, Head of UK and Ireland at M7, commented: “Century Business Park is a high quality asset, which we have been closely watching for some time, therefore, I am extremely pleased to have completed this purchase and to be integrating it into the M7 platform.

“We are confident that the ongoing lack of new stock and the dwindling supply of multi let industrial space will continue to drive significant rental growth for well-located business parks close to the M50 such as Century Business Park. We remain highly acquisitive for assets that meet our purchasing criteria.”

Savills acted for the vendor and M7 was unrepresented.