Urbeo, the privately owned Irish investment platform, has made its first move out of the residential sector, acquiring a Dublin logistics facility in partnership with ICG Real Estate, a UK-based asset manager. It’s understood that the duo paid about €27 million in an off-market transaction for the facility in Kilcarbery Distribution Park.
The 215,000sq ft prime logistics facility at Unit F, Kilcarbery Distribution Park, is situated in southwest Dublin, between the N7 and N4 motorways. It was acquired from a private Irish investor and is expected to offer strong value-add and reversionary potential for the new owner, with all existing tenancies due to expire within 24 months.
The building, constructed in the early 2000s, is currently multi-tenanted, with PRL Group and JMC Van Trans occupying the circa 185,000sq ft of logistics space. The property is located in the desirable logistics N7/N4 corridor, with excellent access to regional transport routes.
The acquisition is thought to be Urbeo’s first non-residential property acquisition. Founded in 2018, it has an extensive residential property portfolio, and through its U by Urbeo brand, has delivered more than 2,000 build-to-rent homes in Dublin. It plans to continue to grow its residential portfolio, as well as expanding this model into other asset classes.
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