Irish sell almost EUR 700m of UK property in H1 2012

Irish investors sold almost EUR 700 mln of commercial real estate in the UK during the first half of 2012, according to data compiled by CBRE. The property adviser tracked 22 transactions totalling £545 mln (EUR 689 mln), with 84% of the sales in Central London.

While the Irish remain net sellers the investment volume was almost 50% down on the 26 sales with a total volume of EUR 1.3 bn by Irish investors in the first half of 2011

Marie Hunt, executive director and head of research at CBRE in Ireland, said nine office buildings accounted for 56% of the total volume in H1 2012. A further 18% of the total proceeds were accounted for by the sale of seven retail properties.

'Some of the most high profile assets to change hands in the period include the sale of the 107 Cheapside office building in London City for over £124 mln; the sale of an office building on Queen Victoria Street in London for £70 mln and the sale of a leisure/retail building at Leicester Square in the city for £55 mln,' Hunt said.