IPUT plc announces that it has completed the acquisition of a large scale, modern logistics building beside Dublin Airport for €19 million.

Unit 1 occupies a high-profile position at the entrance to Dublin Airport Logistics Park and extends to 17,176 sq.m. (184,886 sq.ft.) on a standalone site of 8.4 acres. The building has been acquired with vacant possession following an off-market sales process. IPUT will immediately undertake a substantial programme of works to upgrade the building to meet the highest international logistics standards prior to re-letting. Dublin Airport Logistics Park is strategically situated close to the M1, M2 and M50 motorway network and is located 5 minutes from Dublin Airport. The building benefits from a clear internal height of 9.5 metres with extensive loading access provided via 15 dock levellers and 5 grade level loading doors.

Michael Clarke, Head of Investment at IPUT plc said:

We continue to strategically increase our exposure to the logistics sector and now own and manage over 2.4 million sq.ft. of high quality logistics space in Dublin. This acquisition reflects our strategy of acquiring large scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders.

This purchase follows the successful acquisition and refurbishment of two, large scale logistics buildings at North West Business Park, Dublin extending to over 240,000 sq.ft which were both pre-let on long term leases.

Philip Harvey of William Harvey Ltd advised IPUT plc in relation to this acquisition and has been appointed as sole letting agent. Rod Nowlan of Bannon represented the vendors.