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French Société Civile de Placement Immobilier fund Iroko Zen has acquired the Bright Motor Campus and Unit 4, Airside Motorpark car showrooms in Swords, County Dublin, for €24.5M in an off-market sale-and-leaseback transaction.
It is the latest deal for a French SCPI, which has become a major source of international capital in Ireland.
Bright Motor Campus comprises four car showroom buildings totalling a combined 55K SF, and Bright Motor Group will take a new 20-year lease, with a tenant-only break option in Year 15, with a passing rent of €1.5M per annum.
Bright Motor Campus was completed in 2023, has an A building energy rating, and provides sales and servicing for car brands including Ford Commercial, VW Commercial and Cupra.
Unit 4 provides a further 30K SF, together with surface and basement parking. It is also let to Bright Motor Group on a new 20-year lease, including a tenant-only break option at the end of Year 15 on a passing rent of €458K a year. Unit 4 provides sales and servicing for Hyundai.
Together, the two assets generate a total passing rent of about €2M a year, with both leases subject to consumer price index-linked rent reviews every five years.
Iroko Zen is an active French SCPI with a growing presence across Europe, including multiple investments in the Irish market, and Colliers acted for the company on the transaction.
Since 2017, French SCPIs have invested approximately €1.4B in Ireland across over 70 transactions, according to data from Colliers.
Last year, Iroko Zen completed its ninth and 10th acquisitions in the Irish property market, paying €3.6M for No 24 Suffolk Street, an investment off Grafton Street in Dublin city centre, and nearly €25M for Kilkenny Retail Park.
“This transaction highlights the continued demand for secure, long term incoming producing assets in the Irish market, particularly those underpinned by strong covenants, with long unexpired terms,” Colliers Head of Capital Markets Michele McGarry said in a statement.
“The motor retail sector remains resilient, and this transaction reflects growing interest from international capital seeking stable, well-located opportunities.”
KPMG Corporate Finance advised Bright Motor Group on all commercial aspects of the sale and leaseback and said that the process attracted significant interest from institutional investors.
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