IPUT completes acquisition of Musgraves Distribution Facility
IPUT plc has completed the acquisition via sale and leaseback of a high specification logistics facility at Blanchardstown Corporate Park for approximately € 10.5 million in an off market transaction that will see Musgrave’s remain in occupation of the building under a long term lease and provide IPUT with an income yield of 7.75%.
The property which was purpose built for Superquinn in 2001 is regarded as an international class logistics facility comprising distribution and offices extending to 185,946 sq.ft. The facility includes ambient warehousing of approximately 136,432 sq.ft, chill room of approximately 39,826 sq.ft and office accommodation of approximately 9,688 sq.ft on a site of 4.45 hectares (11 acres). Planning permission was granted in 2004 for a 70,207 sq.ft warehouse extension which offers potential for further development on the site in the future.
Musgrave Group is Ireland’s leading retail and food service wholesaler with an annual turnover in excess of €4.5 billion.
