Palm Logistics is understood to have agreed to forward fund the development of two prime Grade A logistics warehouses at Greenogue Business Park in Dublin, representing a development value of €85 mln, according to well-informed market sources.
The deal, which was first reported by Costar, is believed to be the largest logistics forward-funding deal in Dublin of the past decade.
Palm Logistics. the dedicated affiliate of European private equity firm Palm Capital, is buying the 42,000 m2 project from developer Jordanstown Properties. The asset is situated on one of Ireland’s biggest logistics campuses and is being built on a speculative basis. Savills brokered the deal.
Earlier this year Palm Logistics also agreed to finance a 115,000 m2 logistics hub in Madrid. It currently holds around 200,000 m2 between developments and standing assets in Dublin, Madrid and Copenhagen.