M7 Real Estate pays €19m for Dublin industrial portfolio

Cookstown Collection comprises 151,764sq ft of logistics and office space across 7.1 acre site

An aerial view of the Cookstown Collection site at Cookstown Industrial Estate in Tallaght, Dublin 24
An aerial view of the Cookstown Collection site at Cookstown Industrial Estate in Tallaght, Dublin 24

Pan European investor and asset manager M7 Real Estate has paid about €19 million for the Cookstown Collection, a mixed-use portfolio of industrial and commercial units in Tallaght, Dublin 24.

Located within the long-established Cookstown Industrial Estate, the seven properties in the sale comprise a total of 151,764sq ft of space distributed across a 7.1 acre site.

The collection, which was sold with the benefit of vacant possession, briefly includes units 2 and 3 (68,000sq ft of industrial space on a 3 acre site); unit 81 (26,000sq ft of industrial space on a 1.8 acre site); unit 81A (27,000sq ft of office space on a 1 acre site), and units 1A, B and C (30,000sq ft in total).

While the purchase also takes in a portion of a site that previously formed part of lands included in an unsuccessful application for a Build-to-Rent (BTR) scheme of 1,104 apartments, it is unlikely that M7 Real Estate will pursue a plan for the delivery of residential accommodation.

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Following its purchase of the seven Cookstown units, M7’s Irish portfolio now comprises a total 25 assets extending to just under 1,162,000sq ft, primarily in industrial and logistics space.

News of the company’s latest acquisition comes just over three months on from its €15 million purchase of the Nutley and AIG office buildings on the Merrion Road in south Dublin.

In October 2020, the company paid about €13.5 million for the long leasehold interest of five fully let office units at the Sandyford Business Centre in south Dublin.

In August 2020, the company paid €6.25 million for the former Kildare headquarter office and distribution facility of convenience store operator ADM Londis, while in January 2020 it acquired the Primeside Park industrial estate in Dublin for €6.75 million.

The group also controls the Century Business Park in Finglas, which it acquired for €4.47 million in September 2019, and the Westlink industrial estate in Dublin 10, which it bought for €13,870,000 in 2018.

Its first investment here came in 2017 when it bought Fumbally Lane, a combined office and residential development in Dublin 8 which was on the market for €24 million. M7 sold Fumbally Lane to BCP Asset Management in 2018 for €33.5 million, following the completion of a comprehensive asset management programme which enabled the property’s vacancy rate to plummet from 17 per cent to 2 per cent through the addition of 19 new tenants, and its annual rental income grow by €1.14 million.

M7 operates across 15 countries. It manages a portfolio of about 570 retail, office and industrial assets comprising 43.6 million sq ft with a value of about €4.9 billion.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times