M7 completes over 138,000 sq ft of Irish logistics lettings

M7 Real Estate (“M7”), the pan-European investor and asset manager, has on behalf of a major financial institution, completed three leases at logistics properties in or close to Dublin totalling 138,460 sq ft.

The largest of the three lettings is at Johnstown, Co Kildare, just outside of Dublin, where a major domestic distributor, Caulfield Transport, has taken the entire 113,000 sq ft property on a 10 year lease with a fixed rental uplift at the end of year five.  The asset is well located just two minutes from Junction 8 of the N7, connecting Dublin to the west and south west of Ireland and providing direct access to the M50, and was vacant when acquired by M7 at the end of July 2020. M7 deployed an asset management strategy at the former ADM Londis facility, investing in upgrade works and working with the tenant to bring the property in line with their requirements.

Two further lettings have been completed at North Park, Finglas, close to the M50 and Dublin airport, where an existing occupier, Cyclone Couriers, has taken 12,500 sq ft across two units to support the business’ expansion. It has signed a five year lease at €9.50 per sq ft. A 12,960 sq ft unit has also been let to Camfil Ireland, a market leader in providing air filtration systems, at just over €10 per sq ft on a five year lease.

James Smith, Asset Manager at M7 said: “Altogether these deals are representative of the strength of the market for industrial space in Dublin, where we are seeing significant rental growth for well-located assets, like those at Johnstown and North Park, which are in short supply. The leases, as well as the upgrade works at Johnstown, were completed despite the challenges presented by COVID-19, reflecting M7’s on the ground asset management expertise and our ability to meet the needs of our tenants. We expect to announce further transactions at units in North Park shortly.”