Wednesday, 19 November 2014
IPUT plc buys Geodis Logistics Facility at Damastown Business Park, Dublin (IE)
IPUT plc has completed the acquisition of a high specification logistics facility at Damastown Business Park, Dublin 15 for approximately €36 million in an off-market transaction that will provide IPUT with an initial income yield of 6.7%. Damastown Business Park is located adjacent to the M3 motorway and provides direct access to the M50 motorway, Dublin Airport and Dublin Port.
The property is occupied by global supply chain provider, Geodis Logistics, with over 12 years remaining on the lease and no break options. Current rental income is €2.5 million per annum and the rent will be adjusted annually throughout the term in line with any increase in the consumer price index.
Purpose built for Geodis in 2003, this is a world-class logistics facility totalling 30,250 m². (325,000 ft²) over three separate bays and was designed to UK institutional standards including an 11.5m eaves height and 44 dock levellers.
Geodis Logistics is 100% owned by the SNCF French National Railway Company and is a global supply chain provider operating in 120 countries with a workforce of over 47,500 people. In 2013 the Geodis Group produced a turnover in excess of €7 billion.
Over the past six months IPUT has continued to target logistical and industrial opportunities and the Damastown Business Park facility is the fourth large scale, high specification logistics building acquired by IPUT plc this year and brings total spend in this subsector to over €95 million producing a blended income yield of 7.15% for the Fund’s investors. The completion of this acquisition increases the value of the assets under management by IPUT plc to over €1.2 billion.
London Investment agent, Kieran Cotter, and Dublin Industrial specialists, William Harvey and Company, advised IPUT in relation to this off-market acquisition.
Source: FTI Consulting