M7 Real Estate (“M7”) the pan-European investor and asset manager, announces that it has acquired Primeside Park in Ballycoolin, Dublin 15 for €6.75 million, on behalf of M7 European Real Estate Investment Partners V (“M7 EREIP V” or the “Fund”), from a private investor in an off-market transaction. The price reflects an initial yield of close to 7% and a capital value of €95 per sq ft.
Primeside Park is a recently developed multi-let light industrial estate, which comprises 25 modern units with a total floor area of approximately 71,300 sq ft. The estate is almost fully let and M7 has identified a number of value enhancing asset management initiatives, which will be implemented immediately.
The park, which is situated on a self-contained 1.3 ha (3.15 acres) site, is one of the last speculatively constructed smaller industrial schemes in the Republic of Ireland.
Primeside Park is strategically positioned in the heart of the north Dublin industrial market, adjoining Northwest Business Park, and is within close proximity to Dublin Airport, Dublin Port Tunnel and the M2 and M3 motorways.
John Murnaghan, Head of UK and Ireland at M7, commented: “Primeside Park is perfectly aligned with the Fund’s strategy to acquire strong income generating multi-let industrial assets along the M50 in Dublin. We intend to start immediately on our asset management programme to capitalise on the excellent characteristics of this estate. We remain highly acquisitive and alive to opportunities to add further to the portfolio.”
M7 was represented by JP McDonagh of Knight Frank.