Specialist investor Arrow buys huge Dublin warehouse block for €7.5m

Arrow Capital Partners, the specialist investor, developer and manager of real estate in Europe and Asia-Pacific, has acquired an 88,000 sq ft logistics asset in Dublin for €7.5m. The acquisition was made for Arrow’s €3bn Strategic Industrial Real Estate (SIRE) joint venture with Cerberus.

The asset comprises two interconnecting units of 41,348 sq ft and 46,621 sq ft. Both units are let on a long-term lease to MM Fiber Packaging Ireland Limited, the multinational manufacturer of packaging supplies. This is SIRE’s tenth acquisition in Ireland and most of them are concentrated in Dublin.

The latest purchase is strategically positioned within Airways Industrial Estate, an established last mile logistics location in a commercial area of Dublin 9. It is within ten minutes of Dublin Airport, the Port Tunnel, the M1 and the M50, providing national and international transport links. The strength of the location is also reflected in the calibre of nearby occupiers including Amazon, DPD, Vodafone and Verizon.

Arrow (ACP) made its first purchases in Ireland in 2021 when it bought the Bridgestone Building, a 7,000 sq m unit which was fully leased to Bridgestone Europe for its Irish tyre distribution centre. It is located at Fingal Bay Business Park off the M1.

It also bought a detached 3,000 sq m warehouse leased to MVI Hazel, one of the largest distributors of kitchen fittings and furnishings in the country. It is located Mygan Business Park in Finglas and about 1km from the M50 motorway and 7km from both Dublin Airport and Dublin city centre.

In February that year it also purchased three properties in Dublin and one in Longford.

Commenting on the latest acquisition, Rob Howe, head of European real estate at ACP, said: “This acquisition reflects our ambitious investment strategy across Europe, as we continue to expand our portfolio with well-located, flexible urban logistics assets and development opportunities.

“The logistics market in Dublin is underpinned by sustained high demand for space with limited supply of existing and new-build stock, resulting in the steady growth of rents and making Dublin an opportune area to invest in.”

“We are seeking additional investment and development opportunities in Ireland to add to our existing portfolio. ”ACP was advised on this latest acquisition by CBRE. Slate Office REIT, the vendor, was advised by TWM.

ACP targets equity and debt opportunities, specialising in cross-border transactions.