Core Industrial seeks €170m from sale of Dublin logistics assets
CBRE and Eastdil Secured initiate targeted sale 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.
After pulling back from an initial public offering just over three years ago citing “prevailing market conditions”, Core Industrial will be hoping to benefit from the resurgence in demand for industrial and logistics assets in Dublin and the greater Dublin area.
Having engaged CBRE and Eastdil Secured to assess the value of its holdings earlier this year, the company has now directed them to offer the portfolio at a guide price of €170 million. That pricing is significantly higher than the €100 million level which had been suggested by industry sources when The Irish Times first reported on the proposed sale in February.
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, it is understood the portfolio now being offered 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. 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.