Global investment firm KKR and Palm Logistics have agreed to forward fund the development of two grade A logistics warehouses at Greenogue Business Park, Dublin by Jordanstown Properties.
The 453,000 sq ft development is situated on a 350-acre campus and is being undertaken speculatively with completion due in 2021. The site offers direct access to the M50 Dublin orbital motorway network, with its transaction bringing a gross development value of approximately €85m.
KKR’s investment is being made through its Real Estate Partners Europe fund.
“Greenogue Business Park is a quality, well-located development in a market with favourable structural growth drivers,” said Guillaume Cassou, partner and head of European real estate at KKR.
“Logistics is a key area of focus for our European real estate platform and a part of the market where we continue to see positive momentum, and this transaction builds on our track record in the space following recent investments across Italy and Spain.”
Palm Logistics is an affiliate of the pan-European real estate private equity and special situations firm Palm Capital.
Reda Khatim, managing partner at Palm Capital, added: “We have been monitoring the Irish market for some time and this transaction presents a fantastic opportunity to expand our portfolio into one of Europe’s fastest growing economies.”
Palm Capital and KKR were advised by Savills, while JLL acted for Jordanstown Properties.
