French investor Atland Voisin has made its first Irish industrial investment with the purchase for €7.2 million of Building 1 at Parkmore West Business Park in Galway.
The price paid represents a discount of 4 per cent on the €7.5 million which had been guided by agent Cushman & Wakefield when it offered the property to the market on behalf of M7 Real Estate in March of this year. The asset was originally acquired by M7 in early 2022 as part of its EREIP VI fund, which includes a mix of industrial and office properties.
Building 1 briefly comprises a modern manufacturing and warehouse unit with a total gross external area of 5,751sq m (61,903sq ft). Loading access is provided by one dock leveller and one grade-level door. There are 70 car-parking spaces located to the side of the building, which sits on a 0.91-hectare (2.25-acre) site.
The subject property is fully let to Canadian-headquartered electronics manufacturer Celestica Inc until July 31st, 2030, and is generating a passing rent of €519,812 a year. There is a full parent company guarantee provided by Celestica Inc, a Nasdaq-listed company with a market capitalisation of $9.5 billion.
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Paddy Farrelly of Crest Investment Advisors represented Atland Voisin in its purchase of the property, while James Loughnane of Cushman & Wakefield acted on behalf of the vendor, M7 Real Estate.
Atland Voisin made its first investment in Ireland’s commercial real estate market in September 2024, when it paid about €24 million for “20 on Hatch”, a prime office building on Lower Hatch Street in Dublin city centre.
It followed that deal up within weeks when it paid €11 million for Kingram House, a four-storey office block on Dublin’s Fitzwilliam Place.
