Iput set to refurbish newly acquired logistics facility in Dublin

Iput set to refurbish newly acquired logistics facility in Dublin

After the acquisition of St Margaret’s warehouse from Eason, Iput, a property fund, is now set to invest about €3 million for refurbishing the logistics facility closer to Dublin Airport.

According to the Irish Times, the acquisition is sizeable and significant in terms of the industrial market, which has been experiencing renewed interest from investors due to growth in online retailing. Refurbishment works are already under way at Unit 1 in the Dublin Airport Logistics Park and the building should be ready for occupation this summer.

The Unit 1 facility extends to 17,176 square metre and sits on a site of 8.4 acre. It was bought with vacant possession in an off-market deal. The building has a clear internal height of 9.5m with extensive loading access from 15 dock levellers and five grade-level loading doors. Dublin Airport Logistics Park is close to the M1, M2, M50 and Dublin Airport. Michael Clarke, head of investment at Iput, said the property fund was continuing to “strategically increase” its exposure to the logistics sector and now owns and manages more than 222,967sq m (2.4 million sq ft) of high-quality logistics space in Dublin.

“This acquisition reflects our strategy of acquiring large-scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders,” he added.

Earlier this month, Eason has sold its St Margaret’s warehouse in north Dublin to Iput for €19 million. In fact Iput had acquired two significant logistics facilities. It paid €12.3 million for 103 Northwest Business Park – a 10,904 square metre warehouse and immediately embarked on a €2 million upgrade.

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