Le mie ricette per la real estate communityKKR, a leading global investment firm, and Palm Logistics, the dedicated affiliate of Palm Capital, the pan-European real estate private equity and special situations firm, have agreed to forward fund the development of two prime, Grade A logistics warehouses at Greenogue Business Park, Dublin by Jordanstown Properties.
The transaction is thought to be the largest logistics forward funding in Dublin post the financial crisis with a gross development value of approximately €85 million.
The c.42,000 sq m development, which is situated on one of Ireland’s biggest logistics campuses at c.350 acres, is being undertaken speculatively with completion due in 2021. Located just off the M7, the development is just 20 minutes’ drive from Dublin Airport and offers direct access to the M50 Dublin orbital motorway network, connecting it to the rest of Ireland.
In line with the strong focus on sustainability from both investors, the building is targeting LEED certification and, if certified, would be one of the first logistics developments in Ireland to receive this accreditation.
KKR’s investment is being made through its Real Estate Partners Europe fund.
Source : Joint release