Irish real estate fund IPUT has bought a high-specification logistics facility in Dublin from an undisclosed vendor for around €36 mln.

Irish real estate fund IPUT has bought a high-specification logistics facility in Dublin from an undisclosed vendor for around €36 mln.

The 30,250 m2 facility at Damastown Business Park is occupied by Geodis Logistics, a supply chain provider wholly owned by French national rail company SNCF.

The rental income from the site is €2.5 mln per year, with an initial income yield of 6.7%. The facility was purpose-built for Geodis in 2003 and has 12 years remaining on the lease, with no break options.

The purchase brings IPUT’s total investment in the logistics sector this year to €95 mln, providing a blended yield of 7.15%. IPUT funds under management total €1.2 bn.

London investment agent, Kieran Cotter, and Dublin industrial specialists, William Harvey and Company, advised IPUT on the off-market transaction.