CBRE Investment Management (IM) and the Ireland Strategic Investment Fund (ISIF) have committed €115m to a €230m logistics fund established by IPUT Real Estate, which has contributed the remaining half through capital and a landbank.
CBRE IM, through its indirect private real estate strategies, and the sovereign development fund are co-investing with IPUT in the IPUT Nexus Logistics Fund which would be developing the first 1.5m sqft of Nexus Logistics Park, on 105 acres of zoned land near Dublin Airport.
Sarah Hickey, senior investment director at ISIF, said: “ISIF’s investment in Nexus will catalyse the development of new commercial infrastructure necessary to support increased levels of trade and economic growth.
“This investment is an example of how ISIF’s impact investment approach can support sustainable development and placemaking to deliver modern new workplaces alongside community spaces in a fully integrated way.”
Robert Muilwijk, senior director, at CBRE IM’s indirect strategies, said: “This investment underscores our strong conviction in the industrial sector and our commitment to sustainable development. The Nexus Logistics Park represents a significant opportunity to meet the growing demand for modern, sustainable logistics solutions in Ireland.
“We are confident that this collaboration will deliver substantial value for our client while also contributing to a more sustainable supply chain network in Dublin. We look forward to a successful partnership with IPUT and ISIF and the continued growth of this innovative project.”
Niall Gaffney, CEO of IPUT Real Estate, said: “Nexus offers a compelling investment opportunity given the significant and sustained demand for logistics in Ireland, particularly in Dublin.
“The factors driving demand include the rapid growth of e-commerce, the impacts that COVID-19 and Brexit have had on trade patterns, a rapidly changing shift in storage and distribution channels, and the resultant increase in demand for sustainable buildings.”
The IPUT Nexus Logistics Fund will operate as a sub-fund within IPUT.
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