The UK’s largest urban logistics property developer and asset manager has completed the purchase, for more than €60 million, of a large-scale industrial portfolio comprising a range of assets at two of Dublin’s foremost industrial parks.
Chancerygate saw off competing offers for The North Gate portfolio, a collection of 12 properties distributed across a total gross external area of 341,900sq ft at Furry Park Industrial Estate and North Dublin Corporate Park.
The portfolio, which is fully let, was offered to the market by Savills on behalf of Irish property company Iput at a guide price of €55 million last September. News of the proposed sale of the North Gate portfolio to Chancerygate was first reported by The Irish Times last November.
Seven of the properties are located at the Furry Park scheme, while the remaining five units are located in North Dublin Corporate Park.
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The portfolio occupier base includes UPS, Euro Car Parts, kitchens and wardrobes retailer the Panelling Centre (with the Chadwicks Group as guarantor), and diabetes care products manufacturer Arkray Ireland.
Following this latest deal, Chancerygate, which has an office in Dublin, now manages more than €798 million of investment assets in the UK and Europe. The company’s investment portfolio comprises more than 500 units totalling about 4 million sq ft of commercial space.
Chancerygate is speculatively developing a €45 million, 120,620sq ft grade A urban logistics park at Santry in north Dublin called Airport Trade Park. The scheme will comprise 13 leasehold units ranging from 3,610sq ft to 22,665sq ft upon completion.
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Chancerygate and its long-standing investment partner, Bridges Fund Management, acquired the Santry scheme’s five-acre site for €4.5 million from Carey Building Contractors in 2022. The site’s former owners had used the property previously for office accommodation and civil engineering yard space.
Commenting on his company’s purchase of the North Gate portfolio, Chancerygate’s development director and head of its Irish office, Ed Dobbs, said: “Our first investment management deal in Ireland is a clear statement of our intent. We have the funds allocated to acquire further assets, and to pursue speculative development, as we see a clear opportunity to benefit from Ireland’s robust economy and future prospects.
“These are matched by attractive investment fundamentals in the Dublin multi-let industrial (MLI) sector, including one of Europe’s lowest vacancy rates.”
