IPUT Real Estate plans to double its logistics portfolio to 5.5m sq ft after buying 118 acres north of Dublin.
The largest owner of offices and logistics assets in Dublin bought the site at Killamonan, 100 acres of which are zoned for industrial use.
The site is adjacent to IPUT’s Nexus Distribution Park development, which it bought in 2021. Combined with Nexus, the new development will create one of the largest and most sustainable single-ownership logistics parks in Ireland.
Subject to masterplanning and permissions, Killamonan has the potential to add up to 1.6m sq ft of logistics space, which, along with other schemes in the pipeline, will take IPUT’s portfolio close to 5.5m sq ft .
IPUT currently owns a portfolio of 2.5m sq ft of logistics assets, making it the largest prime logistics portfolio in Ireland.
Masterplanning is under way for the development of the 750,000 sq ft Nexus Distribution Park on a 64-acre site acquired in 2021. IPUT has a further 700,000 sq ft of logistics space under development at Quantum Distribution Park, which is less than a 10-minute drive from the new investment, and 280,000 sq ft at Aerodrome Business Park in west Dublin.
Michael Clarke, IPUT chief investment officer, said: “Occupier demand for logistics facilities in Ireland, particularly around the capital, continues to grow and our ambition is to double the scale of our portfolio. Following the acquisition of the land at Killamonan, we now have a substantial landbank to deliver on that objective.”
IPUT intends the developments to reach a minimum of LEED Gold or BREEAM Excellent ratings in all buildings.
“Our intention is to develop the next generation of logistics parks in Ireland, where the majority of stock is more mature and often not fit for the requirements of today’s occupiers,” said Clarke. “Our new facilities will have market-leading sustainability credentials but also offer an amenity rich environment including parks, activity spaces and features focused on the health and wellbeing of occupiers.”
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