Having joined forces with KKR last December on the €195 million purchase of the Core portfolio, a collection of 73 industrial and logistics properties distributed across Dublin and the GDA, Palm Logistics is to invest €100 million in the portfolio’s largest single asset over the next five years.
The proposed regeneration and development of Naas Enterprise Park will see the delivery of new buildings aimed at attracting occupiers from both Ireland and overseas, alongside substantial improvements to roads and footpaths, better lighting, a comprehensive tree-planting programme and landscaping to improve the environment for workers and businesses.
Upon completion, the works will provide outdoor seating areas, exercise paths and cycle ways, the aim of which is to bring the park into line with the most modern international standards of amenity and sustainability. The facilities for cafes, food service and convenience shopping for people using the park will also be significantly improved.
Naas Enterprise Park comprises an entire park of more than 40.47 hectares (100 acres), and over 139,350 sq m (1.5 million square feet) of industrial and office accommodation. While the scheme is currently home to more than 100 businesses employing more than 2,000 people, Palm estimates that its investment offers the potential to double this existing workforce. The proposed works will be overseen by Palm’s Irish management team, supported by Irish architects and local property management experts.
Palm Logistics is an affiliate of Palm Capital, a pan-European real-estate private-equity specialist with extensive experience in the urban and last-mile logistics sector across Ireland, Scandinavia and Spain. As well as Naas Enterprise Park, and among other international investments, Palm recently developed Greenogue Logistics Park in Baldonnell, built the Los Gavilanes Logistics Park (Madrid, Spain) into a high-profile ecommerce hub in Spain and repositioned the Copenhagen (Airport) Cargo Centre in Denmark.
Commenting on his company’s plans for Naas Enterprise Park, Tim Jones, director of Palm Logistics, said: “The future of work is based around principles of sustainability including an enhanced working environment. We’re looking forward to playing our part in the regeneration and sustainability of this very important location for business and employment, while contributing to the wider success of Kildare as a key economic hub on a regional, national and international basis.”
