Australian-headquartered real estate investor Arrow Capital Partners has deepened its involvement in Ireland's industrial and logistics market with the acquisition of a further two properties in Dublin.
Arrow’s latest Irish purchases consists of assets located at Fingal Bay Business Park off the M1 and Mygan Business Park in Finglas.
In the first instance, the company has secured ownership of the Bridgestone Building, a 7,000sq m unit which is fully leased to Bridgestone Europe and acts as the company’s national tyre distribution centre for the island of Ireland. The site is located just off the M1 and 25km north of Dublin Airport.
Arrow’s other purchase comprises a detached 3,000sq m warehouse leased to MVI Hazel, one of the largest distributors of kitchen fittings and furnishings in the country. It is located 1km from the M50 motorway, and 7km from both Dublin Airport and Dublin city centre.
While the company declined to comment on the individual prices paid, the purchases form part of Arrow’s wider plan to invest more than €200 million here on warehouses in “last-mile” and other strategic locations by the middle of next year. The money comes from Arrow’s $3 billion (€2.7 billion) strategic industrial real estate (SIRE) investment platform.
Arrow made its first investments in the Irish market in February, when it purchased three properties in Dublin and one in Longford.