IPUT has bought a 325,608 sq ft Dublin warehouse off-market, bringing the Irish fund’s investment in the country’s logistics sector in 2014 to €95m (£76.3m).
The firm paid €36m – a 6.7% net initial yield – to a private UK investor for the property at Damastown business park. The shed is let to supply chain provider Geodis Logistics, with 12 years remaining on the lease. Rental income is €2.5m pa.
Over the past six months IPUT has been targeting industrial properties and has invested €95m in the asset class so far this year, producing a blended yield of 7.15% for the fund’s investors.
Assets under management by IPUT now total €1.2bn.
Kieran D Cotter & Co and William Harvey & Company advised the buyer; Michael Elliott represented the vendor.
