Park Developments has agreed the sale of a portfolio of prime logistics units at Northwest Logistics Park to a fund managed by Savills Investment Management (Savills IM) for a price in the region of €47.9 million.
The portfolio comprised four modern high spec buildings extending to over 242,000 sq. ft. in total and let on long-term leases.
Northwest Logistics Park is one of Dublin’s premier logistics locations, ideally positioned convenient to the M50, Dublin International Airport, Port Tunnel and all of the main arterial routes from Dublin city.
The sale demonstrates the continued success of Northwest and its attractiveness to both occupiers and investors. The park has an excellent track record of attracting occupiers of the highest calibre and further opportunities are available with 80 acres of undeveloped land and planning permission in place for three new industrial and logistics facilities ranging in size from 40,000 – 120,000 sq. ft, two of which are currently under construction.
The portfolio will be acquired by Savills IM’s European Commercial Fund – a pan-European multi-sector fund focusing on office, retail and logistics assets. Savills IM has over €21.2bn assets under management globally. The purchase represents another significant investment in the Irish market for them and they are actively seeking further investment opportunities in Ireland.
Park Developments is one of Ireland’s most respected and long-established development and building companies. Established in 1962, it has forged a reputation for building high quality residential and commercial properties.
Park Developments were represented by joint agents Savills and CBRE along with legal advisors Gore & Grimes Solicitors LLP. Savills IM were advised by law firm A&L Goodbody.