Arrow acquires Irish logistics assets for SIRE platform
Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, has completed the acquisition of three logistics assets in Dublin in mature last mile locations and one logistics asset strategically located in the Midlands in Co. Longford, all for its SIRE portfolio.
The assets which were acquired in separate transactions from different vendors are:
• The VWR Building, Northwest Industrial Estate, Dublin, a 7,025 sqm unit leased to pharmaceutical company, VWR International;
• Unit 260 Holly Road, Western Industrial Estate, Dublin, a 6,396 sqm unit which is fully let;
• 9a/9b Parkwest Industrial Park, Dublin, a high profile detached 3,143 sqm unit on the Park West industrial estate, which is leased to Gardiner Group; and
• The Masterlink Building, Co. Longford, a purpose-built 14,426 sqm unit which is let to Masterlink Distribution, one of Ireland’s leading logistics operators, who use the asset to serve its customers nationally.
Arrow has acquired the sites for its EUR3bn Strategic Industrial Real Estate (SIRE) platform, which invests in strategic industrial and logistics assets across Europe.
Robert Howe, Head of Real Estate Europe at Arrow, says: “The acquisitions of these strategically located assets reflect SIRE’s underlying conviction in the urban logistics sector, which is benefiting from strong demand from the rapid growth of e-commerce penetration.
“We are accelerating our deployment of capital in Ireland and, with a number of additional acquisitions already in exclusivity, expect to make further announcements shortly as we continue to expand the SIRE portfolio.”
Cormac Dunne, Head of Ireland at Arrow, says: “We are very pleased with our initial acquisitions and are actively seeking new single asset or portfolio opportunities in Ireland, ranging from EUR3 million to EUR100 million. We can acquire tenanted buildings with a 5per cent-plus yield profile, vacant assets with strong lease up potential, joint ventures or fund local developers, to facilitate our build to own strategy.”
Arrow was advised by MCD Property on VWR and Lisney on Holly Road.