Ireland's Iput Real Estate, the largest owner of offices and logistics assets in Dublin, has purchased 64 acres (26 ha) of development land in Dublin slated for logistics projects.
Financial details were not disclosed.
The land acquired is on the north side of Dublin city at the Cherryhound interchange of the M2 motorway, adjacent to the national motorway network and close to Dublin Airport. This acquisition increases IPUT’s logistics land holdings in Dublin to over 100 acres.
Niall Gaffney, chief executive, Iput Real Estate, commented: 'Occupier demand for logistics facilities continues to grow, largely driven by the accelerating growth in online retail and as a response to Brexit.
'We intend to meet this demand with the most advanced logistics facilities in the market, setting new standards in design and sustainability.
'Our acquisition at Cherryhound builds on our existing development pipeline and offers the potential to grow our logistics portfolio to close to 4 million ft2 (371,600 m2). Demand for prime assets and our ability to meet that need will drive strong income returns for our shareholders.'
Iput currently has a portfolio of 2.5 million ft2 of logistics, the largest portfolio of prime logistics assets in Ireland.
Iput also has an existing pipeline of 870,000 ft2 of logistics space, with full planning permission, and development underway at both Aerodrome Business Park in Southwest Dublin and Quantum Distribution Park near Dublin Airport.
The 64-acre Cherryhound site has the potential to add an additional 600,000 to 700,000 ft2 of prime logistics space which, on completion, will increase the IPUT logistics footprint to c. 4 million ft2, in line with growing its logistics weighting.
All new Iput logistics developments will be built to achieve LEED Gold accreditation and BREAM Excellent sustainability standards.
Other design features will include electric vehicle charging points; roof mounted photovoltaic solar panels; high-efficiency LED lighting systems with daylight harvesting and occupancy controls; advanced building envelopes to improve thermal performance.
