Core Industrial eyes €100m sale of Dublin logistics assets

CBRE and Eastdil Secured assessing value of portfolio three years on from abandoned IPO

An aerial view of Naas Enterprise Park. The 125-acre scheme is the main asset in the Core Industrial portfolio.

An aerial view of Naas Enterprise Park. The 125-acre scheme is the main asset in the Core Industrial portfolio.

 

Just over three years after pulling back from an initial public offering, Core Industrial is hoping to benefit from the strong demand for industrial and logistics assets in Dublin and the greater Dublin area.

The company, which is headed up by Daniel Donovan and William Redmond, is understood to have engaged CBRE and Eastdil Secured to assess its portfolio with a view to offering it to the market in the coming weeks. While the precise value of the portfolio has yet to be determined, industry sources suggested it could command in the region of €100 million.

In an announcement published in advance of its then-proposed IPO in 2018, Core said its portfolio comprised of 106 industrial assets and 167 acres of land (of which 36.7 acres were zoned for development) in the greater Dublin area. Although the properties were valued at €82.9 million in total as at November 30th, 2017, delivering a 5.12 per cent net initial yield and a 9.94 per cent net reversionary yield (excluding the land), it is understood the portfolio now being readied for sale differs in terms of its composition.

While the Core portfolio includes properties in Rathcoole, Clondalkin and Finglas, its largest single asset is Naas Enterprise Park in Kildare. Known formerly as Tougher Business Park, the 125-acre scheme was acquired in 2015 by Core’s former backers, York Capital, for €17 million. The New York headquartered hedge fund exited from Core Industrial in 2019, when it sold its interest to another US investor, Pramerica Real Estate Capital.