Pan European investor and asset manager M7 Real Estate has acquired the former Kildare headquarter office and distribution facility of convenience store operator ADM Londis.
While the value of the deal has not been disclosed, The Irish Times understands that M7 paid close to the €6.25 million that industrial specialists Harvey had been guiding when they offered the property for sale.
Located in Johnstown, Co Kildare, the former ADM Londis facility comprises 10,554sq m (113,603sq ft) of warehouse and office space on a 2.3 hectare (5.6 acre) site.
The 8,213sq m (88,405sq ft) warehouse is fully racked and laid out in three sections with a clear internal height of 6.7m. There are eight dock levellers and four extra-large level access doors. Externally, there are generous loading and truck parking areas to the rear and side of the building.
The two-storey, grade A, HQ offices were added to the front of the property in 2007. They feature a large corporate reception area and are laid out in a mix of open-plan and cellular accommodation. The office accommodation is in walk-in condition and includes a boardroom, meeting rooms, canteen, ladies and gents toilets and shower facilities.
The property is situated just two minutes’ drive from junction 8 on the N7, five minutes’ drive from Naas town centre and 15 minutes’ drive from the M50 motorway.
M7’s Irish portfolio now comprises 16 assets extending to about 1,000,000sq 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 71,300sq 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.
Its first investment here came in 2017 when it bought Fumbally Lane, a combined office and residential development in Dublin 8 which was on the market for €24 million. M7 sold Fumbally Lane to BCP Asset Management in 2018 for €33.5 million, following the completion of a comprehensive asset management programme which enabled the property's vacancy rate to plummet from 17 per cent to 2 per cent through the addition of 19 new tenants, and its annual rental income grow by €1.14 million.
M7 operates across 14 countries. It manages a portfolio of about 835 retail, office and industrial assets with a value of about € 5.1 billion.