Pan-European investor and asset manager M7 Real Estate has acquired Century Business Park in Finglas, Dublin, from Marshalsea Property Company for €4.47 million.
It said the price paid reflects an initial yield of 7.2 per cent and a capital value of €74 per square foot.
The acquisition increases M7’s portfolio in the Republic to three assets totalling 420,000sq ft of office and industrial space.
Century Business Park went on the market in May with a guide price of €5.35 million. It is a modern industrial development comprising a total site area of 4.57 hectares (11.3 acres). The property is near Junction 5 of the M50 and is adjacent to Charlestown Shopping Centre.
Established in 2009 and wholly owned by its senior managers, M7 manages a portfolio of 1,400 assets comprising 133 million square feet of gross lettable area with a capital value of more than €9 billion.
"Century Business Park is a high-quality asset, which we have been closely watching for some time, therefore, I am extremely pleased to have completed this purchase and to be integrating it into the M7 platform," said John Murnaghan, head of UK and Ireland at M7.
“We are confident that the ongoing lack of new stock and the dwindling supply of multi-let industrial space will continue to drive significant rental growth for well-located business parks close to the M50 such as Century Business Park. We remain highly acquisitive for assets that met our purchasing criteria,” he added.
