London property investor takes office space on Dublin’s Grand Canal

M7 Real Estate has a portfolio mainly comprising logistics assets

Three-storey over-basement properties at 15-17 Percy Place.

Three-storey over-basement properties at 15-17 Percy Place.

 

Commercial property investor and asset manager M7 Real Estate has signed a deal to take up space at period office buildings overlooking the Grand Canal in Dublin 4 as it beefs up its Irish operation.

Neither the value of the deal nor the volume of space being taken were disclosed but the property is for the company’s own use.

The London-headquartered company has taken space at 15-17 Percy Place – interconnecting, three-storey over-basement properties.

M7’s Irish portfolio now comprises 15 assets extending to about one million sq ft, primarily in industrial and logistics space.

In January, the company acquired Primeside Park in Dublin for €6.75 million. The industrial estate, which is in Ballycoolin, has 71,300 sq ft of floor area split over 25 units. The development is almost fully let.

The group also controls the Century Business Park in Finglas, which it acquired for €4.47 million last September, and the Westlink industrial estate in Dublin 10, which is bought for €13,870,000 in 2018.

Fumbally Lane

M7’s first investment in the Republic came in 2017 when it bought Fumbally Lane, a combined office and residential development in Dublin which was on the market for €24 million.

The pan-European investor and asset manager operates across 14 countries. It manages a portfolio of about 83 assets with a value of more than €5 billion.

On Wednesday, the group also announced that it had appointed James Smith, formerly of Cushman & Wakefield, as asset manager. Mr Smith previously worked at Knight Frank and Savills.