Singapore’s sovereign wealth fund GIC is understood to have completed the acquisition of Horizon Logistics Park in Dublin in what is believed to be the largest single-asset logistics transaction ever undertaken in Ireland.
The property is believed to have been sold by US investment firm Henderson Park for approximately €500m.
The park comprises 25 buildings across 400 acres of zoned industrial land near Dublin Airport and is one of the largest logistics campuses in the country. The transaction also includes a further 264 acres with development potential.
Henderson Park acquired Horizon as part of its €1.34bn takeover of Green REIT in 2019. At the time of acquisition, the park consisted of 12 buildings.
The deal is the latest major logistics transaction announced this week. In the UK, EQT Real Estate acquired six logistics assets from Tritax Big Box REIT for £199m (€€230.4m) in cash, in line with their book values. The assets, located in Leamington Spa, Peterborough, Didcot and Kettering, generate a total contracted annual rent of £12m.
Tritax is disposing of mature assets in order to reinvest in higher-return opportunities, including data centres.
In Spain, M7 Real Estate completed the €181m acquisition of 13 high-quality logistics assets, comprising a total of 138,411sqm, through two separate transactions with an Aristeas & Partners Group joint venture and an institutional investor.
John Pow, Managing Director at M7 Real Estate, said: “The acquisition of this high-quality portfolio reflects our conviction in the industrial and logistics sector and the attractiveness of strategic markets such as Spain, where strong urban and domestic growth continues to drive both rental and investment demand.”
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| Horizon Logistics Park | logistics | Dublin | GIC | Henderson Park | 1,800,000sqft | €500 | The transaction marks the highest price paid for an industrial logistics park in Ireland. |
| retail portfolio | retail | Sweden | Vendus Sweden | ICA Fastigheter, Bonnier | 51 assets | €248 (SEK 2700) | As part of the transaction, ICA Fastigheter and Bonnier Fastigheter will become new shareholders in Vendus alongside ICA, who is the tenant of all the assets. |
| six assets | logistics | UK | EQT | Tritax Big Box | 1,600,000sqft | £199 (€230) | The assets are located across Leamington Spa, Peterborough, Didcot and Kettering. They generate a combined annual rental income of £12m. |
| 13 assets | logistics | Spain | M7, institutional investor | Aristeas and Partners Group | 138,400m2 | €181 | The purchases were made on behalf of ESCIP, a joint venture between AustralianSuper and Oxford Properties Group, managed by M7. |
| Milano Santa Giulia mixed-use development | development | Milan | Bizzi & Partners | Lendlease | 110hectares | €154 (A$250) | The transaction also involves taking over debt of around A$160m. |
| The Boulevard and The Junction Retail and Leisure Park | retail | Northern Ireland | Frasers Group | Lotus | NA | £50 (€58) | The properties were bought by Lotus in 2016. |
| Sörred 8:15 | logistics | Gothenburg | Platzer | Catena | 29,700m2 | €52 | The asset is fully let. |
| Park Krakow | office | Krakow | Summus | White Star Real Estate and Cain | 24,700m2 | €48 | The asset is fully let. |
| 14-22 Concorde Road and 1 Highwood Road | logistics | Bristol | ICG Real Estate | Delancey | 280,000sqft | £34 (€39) | Delancey put Patchway Enterprise Park up for sale via Knight Frank last September. |
| Magistral shopping centre | retail | Tallinn | Eften fund | Eften Kinnisvarafond II | 65 stores | €32 | The property is 98.5% occupied. |
| urban logistics asset | logistics | Munich | Global Gate Capital | ICG Real Estate | NA | €22 | The asset serves as Alliance Healthcare’s primary distribution hub for the city. |
| development site | development | Cambridge | Homes England, with its National Housing Bank, and The Hill Group | Marshall Group | 700 acres | NA | The site is expected to deliver more than 10,000 homes and at least 3 million sqft of commercial space. |
| Engelandlaan 3 | logistics | Maastricht | Pictet Alternative Advisors and Stoneweg | Willems Bouwbedrijf/Coumans Installaties | 10,250m2 | NA | The development was completed in May 2026. |
| development site | development | Offenbach an der Queich, Germany | Swiss Life Asset Managers | NA | 30,000m2 | NA | The investor‐developer is planning the “Karlsruhe Northwest” project on the site in the “Im Niedersand” industrial park. |
| Business Center Muthgasse | office | Vienna | Raiffeisenlandesbank Oberösterreich AG and Raiffeisen-Holding Niederösterreich-Wien | Deka Immobilien | 23,000m2 | NA | Deka Immobilien acquired the office building in 2002. |
| 2,430 residential and commercial units | mixed | Germany | Breevast | NA | 115,000m2 | NA | The portfolio comprises 2,430 units, including approximately 1,920 residential units. |
| Lindenhof Pure Luxury & Spa DolceVita Resort | hotel | Merano, Italy | First Atlantic Real Estate, Signal | NA | 80rooms | NA | The new owners plan to redevelop the asset. |
| Garden House vacant office building | office | London | Alinor Capital Management, Lugus Capital, Pillar | NA | 54,000sqft | NA | For Lugus, the deal represents its first major London office deal as the firm expands its existing €900m portfolio with UK assets. |
| 33 light industrial properties | logistics | Greater Stockholm and Uppsala, Sweden | AREIM | Urban Partners and Invela | 110,000m2 | NA | The acquisition is Areim’s largest within the segment to date. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| The Royal Exchange | retail | London | The Ardent Companies | 50,852sqft | £70+ (€81) | Savills and Knight Frank | The property, which dates back to 1571, is 99% let. It has been home to both the Lloyds insurance market and the London International Financial Futures Exchange |
| 17-19 Foley Street | office | London | Sterlet | 11,184sqft | £12 (€14) | Tuatara Real Estate and Michael Elliott | The sale reflects a net initial yield of 4.92%. |
| Porsche Design Tower Stuttgart | mixed | Stuttgart | Bülow AG | 16,500m2 | NA | Colliers | Anchor tenants include hotel operator Radisson with 168 rooms and Porsche Consulting for the office element of the scheme. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Barclays Bank | Mileway | UK logistics portfolio | £649 (€750) | Barclays is securitising the loan with the launch of UK Logistics 2026-2, a commercial mortgage-backed securitisation.
|
| Bond investors | CBRE IM | Unsecured | €500 | The senior green bond has a five-year tenor and an all-in coupon of 3.875%. |
| ABN AMRO, Bank of Ireland and ING | IPUT | Entire portfolio | €300 | The three and five year facilities refinance an existing loan that was due to mature in 2027. |
| Venn, Private Rented Sector Guarantee Scheme | Quintain | Two neighbouring BTR assets, Luna and Solar, in London | £189 (€218) | The assets, which comprise in total 665 homes, form part of Quintain’s 85-acre residential-led mixed-use estate. |
| Bank Pekao | Hillwood | Polish logistics projects | €160 | The financing supports the development of four projects, Hillwood Rawicz, Hillwood & LCube Wrocław East, Hillwood Łazy (stages I and II), and Hillwood Łódź Chocianowice. |
| BayernLB | Unnamed developer | four modern logistics assets in Germany | €100 | The long-term loan will finance existing logistics properties in Biblis, Bürstadt, Schifferstadt, and Raunheim. |
| Banco Sabadell, Buenavista NextGen Urbano | Sokai | life sciences hub in San Sebastián | €64.5 | The facility will finance the development of the asset, with a total cost of €80m. |
| Pluto Finance, Blackstone Real Estate Debt Strategies | Valor Real Estate Partners and QuadReal Property Group | three last-mile logistics assets in Berlin | €57 | The assets form part of Valor’s wider 15-asset, 222,301m2 German infill portfolio. |
| Hamburg Commercial Bank | Urban Partners and Instone Real Estate | Munich Residential Project | €55.5 | Urban Partners and Instone are using the facility to fund the development of 145 apartments. |
| Investec Bank | YourTRIBE | YourTRIBE PBSA scheme in Elephant & Castle | £47 (€54) | The senior investment facility refinances a newly completed 226-bed PBSA scheme. |
| Principality Building Society | Adra | Entire portfolio | £20 (€23) | The loan will be used by the housing association to develop new homes and upgrade its existing stock. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Kennedy Wilson and APG | Irish residential JV | Developing three sites in Dublin | The €2bn venture will encompass more than 3,400 private rented homes across both operating and development assets |
| Greystar | Greystar Equity Partners Europe II | Focus on the rental living sector, with an emphasis on purpose-built student accommodation (PBSA) and purpose-built student housing across Europe, with a value-add approach. | Total commitments for the fund exceeded €2.7bn, makings GEPE II the largest pan-European residential value-add fund to date. |
| Stoneshield Capital | Stoneshield Opportunity Fund IV | Targeting energy infrastructure, living, student housing, hospitality and critical infrastructure | The fund has secured €1.5bn for its latest strategy, backed by a 100% re-up rate from its existing global limited partners alongside commitments from new international investors. |
| Next Step and Bockasjö | Swedish logistics JV | Developing logistics assets in Sweden | The €180m venture will see the development of 210,000m2 of space in Nyköping. |
