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KKR And Palm Capital Make Third Dublin Industrial And Logistics Investment

KKR and Palm Capital have acquired a third industrial and logistics asset in Dublin.

KKR and Palm Capital have made a further investment in Ireland’s industrial and logistics market with the €17M acquisition of the 210K SF Cloverhill Industrial Estate in Clondalkin, Dublin 22.

The sale is another boost to Ireland’s rapidly expanding industrial and logistics sector and is also the third and final disposal of the €48M Novelty Portfolio offered for sale last November as part of a mix of industrial and office properties across three locations in Dublin and Galway, the Irish Times reported.

Aside from Cloverhill, the 447K SF portfolio consisted of the €19.5M Mervue Business and Technology Park in Galway and the €11.5M Swords Enterprise Park in north Dublin, which M7 Real Estate recently acquired.

Meanwhile, French investor Corum Asset Management increased its overall investment in Ireland to more than €320M when it paid €19.4M for units 20-29 at Mervue Business & Technology Park in Galway in August.

KKR and Palm Logistics — the specialist industrial arm of Palm Capital — made their most significant Irish industrial investment last year when they paid €195M for the Core portfolio, a collection of 73 industrial and logistics assets distributed across Dublin.

At the time of purchase, the portfolio was 97% let to a range of occupiers, with its largest single asset the 125-acre Naas Enterprise Park in Kildare.

Reflecting strong demand for e-commerce and logistics real estate, the final price was more than the €170M originally quoted by joint selling agents CBRE and Eastdil.

In their first investment in 2020, Palm Capital and KKR bought two of the largest speculatively developed warehouse facilities ever built in Ireland, adjacent to Greenogue Business Park in Rathcoole, County Dublin.

Palm Capital has typically targeted value-add investments primarily across the business space and urban logistics in Ireland, Scandinavia and Spain. 

Global investment firm KKR manages multiple alternative asset classes, including private equity, credit and real assets, with €503B in assets under management.