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.
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.