Irish property company Iput Real Estate has completed its purchase for €50 million of 118 acres of development land in north Dublin, doubling its logistics portfolio.
The new site at Killamonan is adjacent to the 64-acre Cherryhound land that Iput acquired last year. Master planning is already under way for that site, where Iput intends to develop the Nexus Distribution Park.
With 100 acres of the new Killamonan site zoned for industrial use, the acquisition, which was first reported on by The Irish Times in March, will add up to 1.6 million sq ft of logistics assets, doubling the portfolio in size to about 5.5 million sq ft.
Iput also has a further 700,000sq ft of logistics space under development at Quantum Distribution Park, a 10-minute drive from the new investment, and at Aerodrome Business Park in west Dublin.
"Occupier demand for logistics facilities in Ireland, particularly around the capital, continues to grow, and our ambition is to double the scale of our portfolio. Following the acquisition of the land at Killamonan, we now have a substantial landbank to deliver on that objective," said Michael Clarke, Iput's chief investment officer.
“Our intention is to develop the next generation of logistics parks in Ireland, where the majority of stock is more mature and often not fit for the requirements of today’s occupiers. Our new facilities will have market-leading sustainability credentials but also offer an amenity-rich environment including parks, activity spaces and features focused on the health and wellbeing of occupiers.”