Park Developments’ Sale of Logistics Units in Dublin for €47.9 Million

Gore & Grimes assisted Park Developments on the sale of its Dublin logistics units portfolio, which includes several high-spec buildings.

Gore & Grimes Solicitors LLP assisted Park Developments on the sale of a portfolio of logistics units at Northwest Logistics Park in Dublin for €47.9 million.

The assets, which include four high-spec buildings extending to more than 242,000 square feet and let on long-term leases, have been bought by Savills Investment Management’s Commercial Fund. The fund is a pan-European multi-sector operation with a focus on office, retail and logistics assets. Its purchase of the logistics units is believed to represent a “significant investment” in the Irish market as the fund actively seeks further investment opportunities across the nation.

The sale of the units was undertaken by two lots. Lot 1 comprised of three completed units, the sale of which was completed within one month of exchange of contracts, while Lot 2 comprised of the fourth unit, which isunder construction and the sale of which will not be completed until March 2022.

Along with Gore & Grimes, Park Developments was represented by Savills and CBRE. The Gore & Grimes team was led by partner Keith McConnell. Savills IM was advised by A&L Goodbody.

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