IPUT Real Estate has purchased 118 acres of development land in north Dublin, which will enable it to double the size of its logistics portfolio to circa 5.5 million ft². The newly acquired site is strategically located less than 20 minutes’ drive from Dublin airport, off the M2 and close to the M50 orbital motorway, and adjacent to IPUT’s Nexus Distribution Park development. Combined with Nexus, the new development will create one of the largest and most sustainable single ownership logistics parks in Ireland. Of the 118 acres of land acquired at Killamonan, 100 acres are zoned for industrial use. Subject to master planning and permissions, Killamonan has the potential to add up to 1.6 million ft² of logistics assets. Across each of these developments, IPUT intends to set the highest standard for logistics development in Ireland, including a minimum of LEED Gold or BREEAM Excellent ratings for all buildings. The company’s standing logistics portfolio is 100% let with a WAULT of 7.7 years.
Michael Clarke, IPUT Chief Investment Officer, commented: “Occupier demand for logistics facilities in Ireland, particularly around the capital, continues to grow and our ambition is to double the scale of our portfolio. Following the acquisition of the land at Killamonan, we now have a substantial land bank to deliver on that objective. Our intention is to develop the next generation of logistics parks in Ireland, where the majority of stock is more mature and often not fit for the requirements of today’s occupiers. Our new facilities will have market-leading sustainability credentials but also offer an amenity-rich environment including parks, activity spaces and features focused on the health and well-being of occupiers.”
