M7 acquires Dublin industrial estate

M7 Real Estate has bought a 25-unit industrial estate at Primeside Park in Ballycoolin, Dublin, for €6.75m (£5.7m). The price reflects an initial yield of around 7% and a capital value of €95 per sq ft. The acquisition was made on behalf of M7 European Real Estate Investment Partners V from a private investor in an off-market transaction. Primeside Park spans 3.15 acres and is one of the last speculatively developed smaller industrial schemes in the Republic of Ireland. The 71,300 sq ft industrial park, which is almost fully let, is adjacent to Northwest Business Park, in close proximity to Dublin Port Tunnel and the M2 and M3 motorways. John Murnaghan, head of UK and Ireland at M7, said: “Primeside Park is perfectly aligned with the fund’s strategy to acquire strong income-generating multilet industrial assets along the M50 in Dublin. “We intend to start immediately on our asset management programme to capitalise on the excellent characteristics of this estate. We remain highly acquisitive and alive to opportunities to add further to the portfolio.” M7 was represented by Knight Frank. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette