UK-based property giant Grosvenor Diversified Property Investments (GDPI) has invested €40 mln in Fine Grain’s Ireland Fund III, its first investment in the Irish market.
FGPO Ireland Fund III provides contemporary workplace communities in business parks across Ireland, allowing employers to better attract and retain employees.
The portfolio is seeded by Waterside, a development of five HQ office buildings housing SAP, Fidelity, Glanbia and Hidden Hearing, located in the Citywest Business Campus in Dublin.
Waterside, which covers 20,373 m2, also holds planning permission for an additional three buildings, providing a further 16,722 m2 of space and scope for future expansion.
The new partnership, which is also GDPI’s debut investment in Ireland, comes following its recent announcement of plans to double the size of the business over the next five years.
Andy Yates, CIO, Grosvenor Diversified Property Investments commented: ‘This new partnership forms part of our global expansion plans and establishes exposure to a key European commercial market. With asset quality a clear focus for occupiers, our joint commitment to sustainability and Fine Grain’s active management experience will ensure properties in the fund meet evolving market needs.’
Kevin Mahony, finance director at Fine Grain Property added: ‘Our partnership with Grosvenor Diversified Property Investments and the establishment of FGPO Ireland Fund III represent important steps in the continued growth of Fine Grain Property’s workplace community across Ireland. At Fine Grain Property, we work with people that we like, trust, and respect. As long-term real estate investment partners, Grosvenor and Fine Grain’s values are clearly aligned, and our partnership will allow us to continue to invest in enabling great workplace communities across Ireland, building success for our clients and delivering sustainable returns for our investors. Following our investment in the Waterside development in Citywest Business Campus, we continue to seek further properties to add to our portfolio.’
Both Grosvenor and Fine Grain Property share a focus on sustainable investing.
Through its Fine Grain Futures programme, the Irish commercial real estate investor and operators integrates environmental risk indicators into investment decisions, and actively managing assets to reduce their carbon footprint.
Fine Grain Property has invested over €290 mln in Ireland since 2016 and its portfolio consists of around 111,484 m2 of commercial real estate.
