Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, has completed the acquisition of two further logistics assets in Dublin in what the firm describes as 'mature last mile locations'.
Financial details were not disclosed.
The acquisitions include the Bridgestone Building, a 7,000 m2 unit on the Fingal Bay Business Park, Balbriggan in County Dublin which is fully leased to Bridgestone Europe and acts as the company’s national tyre distribution centre for the entire island of Ireland.
According to Arrow, the site is strategically located just off the M1 Motorway and is 25 km north of Dublin airport.
The second transaction is for a modern detached 3,000 m2 warehouse on Mygan Business Park, Finglas in County Dublin leased to MVI Hazel, a distributor of kitchen fittings and furnishings in Ireland. The asset is located 1 km from the M50 motorway, and 7k m from both Dublin Airport and Dublin City Centre.
Arrow has acquired the sites for its €3bn Strategic Industrial Real Estate (SIRE) platform, which invests in strategic industrial and logistics assets across Europe.
Cormac Dunne, head of Ireland at Arrow, said: 'Along with the four acquisitions announced at the start of the year, these further acquisitions make Arrow one of the most active logistics investors in Ireland.
'We continue to seek opportunities and have a strong pipeline of further opportunities in the sector. We expect to complete a number of similar investments shortly.'
Robert Howe, head of real estate Europe, at Arrow, said: 'These are two additional quality assets that we are adding to our growing portfolio in Ireland and across Europe.
'They reflect SIRE’s underlying conviction in the urban logistics sector driven by strong demand from the rapid growth of e-commerce, and we intend to strengthen our portfolio even further with an increasing focus on development opportunities.'
Arrow was advised by MCD Property on the Bridgestone Building.
