A portfolio of two Dublin industrial estates which provide 342,000 sq ft of multi-let industrial (MLI) and urban logistics space has been acquired.
Developer and investment manager Chancerygate has purchased The North Gate Portfolio which comprises 12 investment assets. Seven of the assets are situated within Furry Park Industrial Estate in Santry with the remaining five located at North Dublin Corporate Park in Swords.
The deal marks Chancerygate’s first investment acquisition in Ireland. The portfolio was acquired from an undisclosed vendor, and all terms of the transaction remain confidential.
All 12 assets are fully occupied and are strategically located close to Dublin Airport with connectivity to the M50 and M1 motorways, the Dublin Port Tunnel and city centre.
The portfolio has a diverse occupier base with tenants including UPS, Euro Car Parts, kitchens and wardrobes retailer Panelling Centre and diabetes care products manufacturer Arkray Ireland.
Following this latest deal, Chancerygate, which has an office in Dublin, now manages more than £700m (€798m) of investment assets in the UK and Europe. The company’s investment portfolio comprises more than 500 units totalling around 4m sq ft of commercial space.
Chancerygate is speculatively developing a €45m, 120,620 sq ft Grade A urban logistics park in Santry called Airport Trade Park. The scheme will provide 13 leasehold units ranging from 3,610 sq ft to 22,665 sq ft. Chancerygate Development Director and Head of the Irish office, Ed Dobbs, commented: “Acquiring The North Gate Portfolio as our first investment management deal in Ireland is a clear statement of our intent.”
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