M7 Real Estate has purchased a recently built industrial estate in Dublin, Ireland.
The pan-European investor and asset manager paid €6.75 mln to a private investor for the asset, in an off-market transaction.
Acquired on behalf of its European Real Estate Investment Partners V fund, the price reflects an initial yield of almost 7%.
Located in Ballycoolin, the estate named Primeside Park is one of the last speculatively constructed smaller industrial schemes in the Irish Republic.
It features a total floor area of approximately 6,623 m2, with 25 units. The estate is almost fully let and M7 intends to soon implement value-enhancing asset management initiatives.
Primeside Park is located in the heart of the north Dublin industrial market, close to Dublin Airport, Dublin Port Tunnel and the M2 and M3 motorways.
John Murnaghan, head of UK and Ireland at M7, said: 'Primeside Park is perfectly aligned with the Fund’s strategy to acquire strong income generating multi-let industrial assets along the M50 in Dublin.
'We intend to start immediately on our asset management programme to capitalise on the excellent characteristics of this estate. We remain highly acquisitive and alive to opportunities to add further to the portfolio.'
M7 was advised by JP McDonagh of Knight Frank.