Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, has acquired four logistics assets in Ireland for its €3bn strategic industrial real estate (SIRE) portfolio.
Acquired in seperate transactions from different vendors, the assets include three properties in Dublin in mature last mile locations and one logistics asset in the Midlands in Co. Longford.
Robert Howe, head of real estate Europe at Arrow, said: 'The acquisitions of these strategically located assets reflect Sire’s underlying conviction in the urban logistics sector, which is benefiting from strong demand from the rapid growth of e-commerce penetration.
'We are accelerating our deployment of capital in Ireland and, with a number of additional acquisitions already in exclusivity, expect to make further announcements shortly as we continue to expand the Sire portfolio.'
The deals comprise the VWR Building, Northwest Industrial Estate, Dublin, a 7,025 m2 unit leased to pharmaceutical company, VWR International; Unit 260 Holly Road, Western Industrial Estate, Dublin, a 6,396 m2 unit which is fully let; and 9a/9b Parkwest Industrial Park, Dublin, a detached 3,143 m2 unit on the Park West industrial estate, which is leased to Gardiner Group.
The fourth property is the Masterlink Building, Co. Longford, a purpose-built 14,426 m2 unit let to Masterlink Distribution, an Irish logistics operator.
Cormac Dunne, head of Ireland at Arrow, said: 'We are very pleased with our initial acquisitions and are actively seeking new single asset or portfolio opportunities in Ireland, ranging from €3-€100m.
'We can acquire tenanted buildings with a 5%+ yield profile, vacant assets with strong lease up potential, joint ventures or fund local developers, to facilitate our build to own strategy.'
Arrow was advised by MCD Property on VWR and Lisney on Holly Road.
