Pan-European investor and asset manager M7 Real Estate has acquired Primeside Park in Dublin for €6.75 million.
The multi-let light industrial estate, which is in Ballycoolin, has 71,300 sq ft of floor area split over 25 units. The development is almost fully let.
Situated on a self-contained 1.3 ha (3.15 acres) site, Primeside Park is adjoining Northwest Business Park, and within close proximity to Dublin Airport, Dublin Port Tunnel and the M2 and M3 motorways.
It was bought from a private investor in an off-market transaction, with the price reflecting an initial yield of close to 7 per cent and a capital value of €95 per sq ft.
"Primeside Park is perfectly aligned with the fund's strategy to acquire strong income generating multi-let industrial assets along the M50 in Dublin," said John Murnaghan, head of UK and Ireland at M7. "We intend to start immediately on our asset management programme to capitalise on the excellent characteristics of this estate. We remain highly acquisitive and alive to opportunities to add further to the portfolio."
The latest acquisition builds on M7's existing portfolio in Ireland. The company bought Century Business Park in Finglas, Dublin, for €4.47 million in September 2019. It also acquired Westlink industrial estate in Dublin 10 in December 2018.
Established in 2009 and wholly owned by its senior managers, M7 manages a portfolio of 800 assets comprising 65 million square feet of gross lettable area with a capital value of more than €4.7 billion.