Ireland-based commercial property company IPUT Real Estate has acquired 64 acres of logistics development site near Dublin Airport.
The development site 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.
IPUT said this acquisition increases its logistics land holdings in Dublin to over 100 acres.
IPUT currently has a portfolio of 2.5 million sq. ft. of logistics, the largest portfolio of prime logistics assets in Ireland. IPUT also has an existing pipeline of 870,000 sq. ft. 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 sq. ft. of prime logistics space which, on completion, will increase the IPUT logistics footprint to c. 4 million sq. ft, in line with growing its logistics weighting.
“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,” said Niall Gaffney, Chief Executive, IPUT Real Estate.
“Our acquisition at Cherryhound builds on our existing development pipeline and offers the potential to grow our logistics portfolio to close to 4 million sq. ft. Demand for prime assets and our ability to meet that need will drive strong income returns for our shareholders,” he added.