French investor Alderan has made its first investment in Ireland’s commercial real estate market, paying €10.75 million for Grattan Business Park at Clonshaugh in Dublin 17. The Paris-headquartered firm has acquired the scheme on behalf of its open-ended fund, SCPI Activimmo.
Alderan was advised on the transaction by Jonathan Hillyer of QRE Real Estate Advisers while James Nugent of Lisney Commercial Real Estate advised the scheme’s outgoing owner, the Channor Real Estate Group.
Grattan Business Park comprises 6,444sq m (69,363sq ft) of logistics space distributed across 33 units within three buildings. There are 24 active leases, with an average lease length of 3.8 years. The overall occupancy rate is 96 per cent, and a 24-month rental guarantee covers the two vacant units.
Grattan Business Park occupies a location close to the entrance of the IDA-managed Clonshaugh Business and Technology Park, an established scheme that counts Amazon, Allergan, 3 Mobile, Vodafone, BT Ireland, Butlers Chocolates and Magnet Networks among its occupiers.
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Grattan Business Park occupies a prime “last-mile” position thanks to its location just 6km north of Dublin city centre and 2km south of Dublin Airport, and its proximity to Dublin Port Tunnel and the M1 and wider motorway network.
SCPI Activimmo stands to secure a yield of about 8 per cent on its first Irish investment. SCPI Activimmo, an established investor in the French logistics market, is also active in Spain, Italy and Germany.
Alderan, established in 2015, is an independent real estate investment management company originating from the real estate family office Ojirel, a specialist in real estate for 24 years. Alderan has some €1.5 billion in assets under management. Outside of its management of the SCPI Activimmo fund, Alderan is seeking opportunities in Ireland for its newly established SCPI Comete fund, which invests across all of the standard asset classes, including retail, offices and industrial.
