Irish property market shimmers with record €7.2bn haul
The Republic of Ireland’s property investment market hit a record high in 2019, with total spend exceeding €7.2bn (£6.1bn) during the year.
The figure was boosted by the sale of the Green REIT portfolio to Henderson Park for €1.3bn, which completed in November.
It also brought the total number of investment sales during the past decade to €29bn.
The Republic of Ireland’s property investment market hit a record high in 2019, with total spend exceeding €7.2bn (£6.1bn) during the year.
The figure was boosted by the sale of the Green REIT portfolio to Henderson Park for €1.3bn, which completed in November.
It also brought the total number of investment sales during the past decade to €29bn.
Other significant deals include the sale of Starwood’s Cedar office portfolio for €530m to Blackstone, and the sale of Tristan Capital Partners’ Project Vert multifamily portfolio for more than €216m to Avestus Capital Partners.
Kyle Rothwell, head of capital markets at CBRE, said: “Activity in the Irish investment market exceeded expectations in 2019 with strong investor appetite for many of the assets and portfolios that were offered to the market during the year.
“Although the overall volume of investment transactions was down year-on-year, there was a notable increase in large transactions in 2019 with 18 transactions extending to more than €100m completed during the year.”
He added that 74% of investment spend in the year came from overseas investors and by virtue of the Green REIT transaction, 51% of spend comprised office investments.
Multifamily investments accounted for more than €2bn, or 33%, of investment spend in the year, which Rothwell said was “remarkable considering that this sector didn’t exist prior to 2012”.
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