Bannon confirms 1st industrial sale of 2015

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In one the first industrial transactions of 2015 Bannon has completed the sale of Oakwest House in Western Business Park, Dublin 12.

The high spec unit with 12m eaves and excellent loading access extends to 5,232 sq.m (56,312 sq.ft) and was sold with vacant possession.

The building is situated close to the Red Cow interchange amongst a number of high profile occupiers including DHL, An Post and Diageo Baileys Global Distribution.

It was purchased by Exeter Property Group a North America based investment manager specialising in industrial assets. The purchase price of €2.85m equates to just over €50 psf.

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For further information on similar units please contact Niall Brereton, of Bannon today.

RBS acquires Project Aran for €1.38 billion

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Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus has paid €1.38bn for the Project Aran, which had an unpaid loan balance of €5.6bn and gross liabilities of €6bn. Fending off still competition from Lone Star and a consortium comprised of CarVal Investors, Goldman Sachs’ special situations fund and Apollo Global Management.

Project Aran was comprised of approximately 1,300 borrower groups, over 6,200 loans with around 5,400 properties. More than 75% by loan balance is secured by Irish assets and about 20% in Northern Ireland, with more than 90% of the loan portfolio in default.

Project Aran was upsized from an initial circa €1.7bn portfolio, back in October – View Previous Article

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REIT secures €150m to expand property portfolio

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The Irish Residential Properties (I-RES) REIT has agreed a deal with the Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) that will provide it with an additional €150m in acquisition funding which is to be used for expanding its portfolio of high-quality properties.

CAPREIT has also been selected as the preferred bidder to acquire the “Rockbrook” property portfolio for approximately €88.9m, which is the first proposed transaction to utilise the pipeline facility.

Since its establishment, IRES has deployed all of the €192m net proceeds from its IPO and utilised €125m of the €130m credit facility it agreed with Barclays.

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IFSC office block sells for €37.85m

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Ardstone Capital, the private investment manager, and CBRE Global Investment Partners, have bought 2 Harbourmaster Place for €37.85 million in a deal that will show a net initial yield of 5.4%.

The 5,688 sq.m (61,012 sq.ft) multi-let building close to the main entrance of the IFSC and Connolly Station has a mix of tenants in the block including KPMG, Wells Fargo, Bank of Montreal, Kleinworth Benson, Aspen Reinsurance and United Health Group.

Ardstone was advised by the Bannon agency while JLL acted for Irish Life.

2 Harbourmaster Place is the seventh office investment in the area to have changed hands this year as long-term investors availed of the pick-up in the market to offload assets on which they claimed 100 per cent capital allowances over a 10-year period.

IPUT completes acquisition of Musgraves Distribution Facility

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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.

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IPUT to buy Carrickmines RP as part of €157m portfolio deal with Marathon

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IPUT property fund is to take over ownership of Carrickmines Retail Park in south Dublin as part of a successful tender by the New York-based Marathon Asset Management for the Irish retail parks portfolio. IPUT offered around €78 million for just the Carrickmines retail Park in the first round of bidding but Nama thought it should not be sold on its own but rather as part of the Parks Portfolio which also included four lesser-known parks in Drogheda, Mullingar, Clonmel and Carlow.

IPUT then joined forces with New York-based Marathon Asset Management who had survived the first round after pitching for the entire portfolio – a final bid of approximately €157 million for all five parks – €47 million above the guide price.

Carrickmines Retail Park is currently producing a rental income of €4.4 million which will rise by another €300,000-plus if, as expected, a leading furniture retailer rents a vacant building on site extending to 974 sq.m (10,500 sq.ft). Woodies DIY and garden centre is the anchor tenant paying a rent of €1.8 million for 6,038 sq.m (65,000 sq.ft).

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RBS increases Project Aran to €6billion

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Royal Bank of Scotland has increased its Irish non-performing real estate loan portfolio, Project Aran, by €4.3bn to approximately €6.0bn, with the same three-strong finalists now to bid across the enlarged NPL.

Project Aran, derived from RBS’ subsidiary Ulster Bank’s loan book, launched at the turn of September initially with a nominal balance of €1.6bn, secured by 411 borrower connections and 315 properties, which was quickly increased by around €100m to €1.7bn.

The increase to approximately €6.0bn was taken prior to selection of the three finalists; Lone Star, Cerberus and a consortium comprised of CarVal Investors, Goldman Sachs’ special situations fund and Apollo Global Management.

Final, binding bids are expected by early December.

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A1 to recoup assets in Russia accumulated by Quinn family

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IBRC, the former Anglo Irish Bank, has set up a joint venture with Russian investment company A1 to recoup real estate assets in Russia and Ukraine accumulated by Quinn family. The assets include a skyscraper in Russia, a DIY chain and various logistics parks.

A1 will hold a public auction on December 5th on the sale of “Q-Park” in Kazan, called “b” in the investment company. The starting price for property, which exceeds 99.500 sq.m, is 2.575 billion rubles (€40 million). Tenants include Efes, Bosch and Schneider Electric.

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Nama reports €102m profit for first half of year

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Nama made a profit of €102m for the first six months of this year, and has guided that it will complete its work by the end of 2017 or mid-2018, according to its annual statement, published yesterday. This was almost double the €55 million surplus achieved in the same period of 2013. The report shows that Nama’s cash generation accelerated in the six-month period, generating cash of €5.4 billion during the first half of this year compared with €2 billion in the same period of 2013.

NAMA is also focusing on the completion of a number of residential properties in London in 2015 and 2016, while it is also planning and facilitating the delivery of office accommodation in Dublin with a special focus on the city’s Docklands Strategic Development Zone. The agency has committed to ensuring that a pipeline of large portfolios of mainly Irish property assets will be put up for sale, adding that packaged deals for properties with a minimum value of 250m will be offered for sale every four months.

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View Annual Statement for 2015

Hibernia Reit seeks €300m to fund further commercial property deals

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Irish property investment company, Hibernia Reit has said yesterday it intends to raise €300 million in a placing and open offer of shares to fund further commercial property deals. The company plans to fund further property investments comprising both new acquisitions and capital expenditure on its existing portfolio from the funds raised.

Hibernia said it will issue 285,317,459 new ordinary shares at a price of €1.05. The issue price represents a discount of 8.5c (7.5%) on yesterday’s closing price of €113.5 per existing ordinary share on the Irish Stock Exchange.

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