Developer and investment manager Chancerygate has marked its entry into the Irish market with the acquisition of The North Gate Portfolio, comprising 31,775 m² of multi-let industrial and urban logistics space across 12 fully occupied assets in Dublin.
The portfolio, purchased from an undisclosed vendor with confidential terms, includes seven assets at Furry Park Industrial Estate in Santry and five at North Dublin Corporate Park in Swords. The strategic locations offer immediate access to Dublin Airport, the M50 and M1 motorways, Dublin Port Tunnel and the city centre, positioning the assets as prime last-mile delivery hubs in a market where infrastructure connectivity commands premium valuations. With Dublin's industrial vacancy rate among Europe's lowest and e-commerce driving unprecedented demand for urban logistics space, the timing signals Chancerygate's confidence in Ireland's commercial property fundamentals despite broader economic headwinds affecting European real estate.
The tenant roster includes UPS, Euro Car Parts, Panelling Centre and Arkray Ireland, providing diversified income streams across logistics, automotive and healthcare sectors. This acquisition elevates Chancerygate's total assets under management to over €798m across the UK and Europe, encompassing more than 500 units and approximately 371,612 m² of commercial space.
Separately, Chancerygate is advancing a €45m speculative development at Airport Trade Park in Santry, delivering 11,205 m² of Grade A urban logistics space across 13 leasehold units ranging from 335 to 2,105 m². Practical completion is expected imminently, adding immediate income-generating capacity to the firm's Irish portfolio.
"Acquiring The North Gate Portfolio as our first investment management deal in Ireland is a clear statement of our intent," said Ed Dobbs, development director and head of Chancerygate's Irish office. "We have the funds allocated to acquire further assets and to pursue speculative development, as we see a clear opportunity to benefit from Ireland's robust economy and future prospects. These are matched by attractive investment fundamentals in the Dublin MLI sector, including one of Europe's lowest vacancy rates."
Founded in 1995, Chancerygate positions itself as the UK's largest urban logistics developer and the only operator executing a coordinated UK and European strategy. The company maintains offices in Dublin, Madrid, Lisbon, London, Warrington and Birmingham, supporting a pipeline exceeding 59,924 m² of Grade A space under construction across Ireland, Spain and Portugal, representing approximately €120m in gross development value.
The transaction saw BNP Paribas Real Estate and McCann Fitzgerald advising Chancerygate, whilst Savills and A&L Goodbody represented the vendor.
People mentioned:
• Ed Dobbs, Development Director and Head of Irish Office, Chancerygate
Companies mentioned:
• Chancerygate, Developer and investment manager
• UPS, Tenant
• Euro Car Parts, Tenant
• Panelling Centre, Tenant
• Arkray Ireland, Tenant
• BNP Paribas Real Estate, Adviser to Chancerygate
• McCann Fitzgerald, Legal adviser to Chancerygate
• Savills, Adviser to vendor
• A&L Goodbody, Legal adviser to vendor
