CBRE Ireland have today released figures for the volume and value of investment transactions in the Irish commercial property market in 2019. According to the property consultants, total spend in the Irish investment market exceeded €7.2 billion in 2019 – a new record for the Irish market, boosted in no small part by the sale by CBRE of the Green REIT portfolio during the year. This brings to almost €29 billion the volume of investment sales completed in the Irish market in the last decade.
Other significant transactions completed by CBRE during 2019 included the sale of The Cedar office portfolio for approximately €530 million; the sale of the Project Vert multifamily portfolio for more than €216 million and the sale of the Nova Atria office building in Sandyford, Dublin 18 for €165 million.
Irish Investment Spend 2009 – 2019
Kyle Rothwell, Head of Capital Markets at CBRE said activity in the Irish investment market exceeded expectations in 2019. “CBRE were delighted to have been involved in some of the trophy transactions concluded during the year. Although the overall volume of investment transactions was down year-on-year, there was a notable increase in large transactions in 2019 with 18 transactions extending to more than €100 million completed during the year. Although Irish buyers were active, 74% of investment spend in the year emanated from overseas investors and by virtue of the Green REIT transaction, 51% of spend comprised office investments. Multifamily investments meanwhile accounted for more than €2 billion or 33% of investment spend in the year, which is remarkable considering that this sector didn’t exist prior to 2012”.
CBRE will next week be releasing their OUTLOOK 2020 report, containing their predictions for the Irish commercial property market in the year ahead.